TUI share price rises ahead of merger vote
TUI Travel saw its share price rise by 2.5% yesterday to 374.7p.
The gain came ahead of an extraordinary general meeting in Hanover today to vote on its proposed merger with German majority shareholder TUI AG.
It is believed the merger will generate cost savings of around £36 million a year.
It is expected to result in existing TUI Travel shareholders owning 46% of the combined Group and existing TUI AG shareholders owning 54% of the combined group, taking into account TUI AG’s existing stake in TUI Travel.
The combined group would be worth approximately £5.2 billion.
Peter Long and Friedrich Joussen are to be joint CEOs of the combined group, with Peter Long to become chairman of the supervisory board of TUI AG and Friedrich Joussen becoming sole CEO of the combined group from February 2016.
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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