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Sawiris To Buy Into German Travel Group FTI

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Egyptian billionaire Samih Sawiris is taking a stake of between 25 and 35 percent in FTI, Germany's fourth-biggest tour operator.

"We aim for cooperation with an eye to the long run," Sawiris said in a statement.

FTI's founder and chief will keep a majority of shares in the company.

FTI, which has about 3,500 employees and posted sales of EUR€2.1 billion last year, said it had been agreed not to say how much Sawiris was paying for the stake.

Sawiris, a member of Egypt's richest family, runs Orascom Development, operating tourist resorts and real estate projects in Egypt and Europe.

(Reuters)