First Choice shareholders approve TUI merger
First Choice shareholders have approved the merger with TUI at an Extraordinary General Meeting yesterday.
Subject to the Court sanctioning the move and other financial conditions, shares in the newly formed company will begin trading on September 3.
TUI said it welcomed the outcome of the meeting, where the merger was approved by a majority of 93.10% of First Choice shareholders.
“This means that, following the go-ahead of the antitrust authorities, we have cleared the second hurdle on the way to TUI Travel PLC,” says TUI AG chief executive Dr Michael Frenzel.
“We will be creating one of the most profitable travel groups in the world. The biggest tourism platform in Europe will come into being with TUI Travel.”
TUI said the merger will create a travel group with a turnover of around £12.1billion and an underlying EBITA of around £340 million.
It said the company expects to make savings of around £100 million a year, which should take full effect within three years of completion of the merger.
A major part of the cost saving ‘synergies’ will be in the UK, it added.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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