TUI merger backed by shareholders
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TUI AG and TUI Travel’s merger has been approved after shareholders showed support for the move.
A vote of at least 99% was shown in support of resolutions proposed by the executive and supervisory boards at an Extraordinary General Meeting held in Hanover yesterday.
A larger supervisory board of 20 instead of 16 will be in place when the merger is completed.
The ‘new’ TUI AG will be headquartered in Germany and employ 74,000 people in 130 countries.
“TUI is a great brand, and the TUI share is a share with a future. Today is an important day for TUI, for our customers and our employees worldwide. The combination of our tour operation and distribution businesses and our exclusive hotel and cruise portfolios will create a unique market position for us,” said Fritz Joussen, CEO of TUI AG. “We are planning to enthuse travellers, win new customers and achieve growth in our business segments with innovative travel products and services. The new TUI will be a highly attractive employer offering many career opportunities for its 74,000 people – both in Europe and worldwide. We are well prepared for the integration in terms of our corporate culture. It is because TUI AG and TUI Travel have always been members of the same family.”
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