How Preussag Became TUI: A Clinical Study of Institutional Blockholders and Restructuring in Europe
分析德国老牌综合企业Preussag在1997至2004年间转型为专注旅游和物流的TUI的过程，发现只有剥离资产创造了价值，投资旅游的战略反而毁损价值，且收购溢价多不合理，对机构大股东的治理作用提出质疑。
Between 1997 and 2004, Preussag, a diversified German conglomerate of “old economy” businesses, transformed itself into TUI, a company focused almost entirely on tourism and logistics. We analyze how Preussag executed this change, and how the change contributed to Preussag's underperformance in the stock market. We find that only the divestitures created value, that the strategy to invest in tourism destroyed value, and that the acquisition premiums Preussag paid were mostly unjustified. The case shows how divestiture programs increase the liquid resources available to management and casts doubt on the positive governance role of institutional blockholders.