Merger of Tui Travel and Tui AG is completed
The merger of Tui Travel and Tui AG has been completed, creating a company with 77,000 employees in 130 countries. The newly formed company’s bosses have pledged further growth for the “world’s number one integrated leisure tourism business”.
The new company saw its entire issued share capital, Tui AG shares, of 533.6 million ordinary shares admitted on the premium listing segment of the London Stock Exchange yesterday.
“Today is a great day for our company. The first day of the new Tui is the start of the world’s leading integrated tourism business,” said Friedrich Joussen, Tui AG’s joint chief executive.
“Tui is a thoroughly international group with strong roots in Europe. […] Under the roof of the new Tui Group we want to grow and increase our international market position. Therefore, this is a good day for our customers, our shareholders and our employees.”
His fellow joint chief executive Peter Long added: “This is a fantastic day for TUI, now the world’s number one integrated leisure tourism business. We will successfully future-proof our new group by securing long-term access to unique content which will allow us to accelerate our growth plans. In addition, we have identified significant efficiencies and cost savings.”
[pictured: Tui AG headquarters]