Business | Tourism

German TUI says it will not to bid for Britain’s TUI Travel

Statement says decision based on assessment that a share-based transaction at current exchange ratios is not in the interest of TUI shareholders

  • AFP
  • Published: 15:48 January 23, 2013
  • Gulf News

Frankfurt: German tourism giant TUI said on Wednesday it had decided not to make a takeover offer for British-listed TUI Travel, Europe’s biggest tour operator, in which it already holds more than 50 per cent. “TUI AG confirms that it does not intend to make an offer for TUI Travel,” the German group said in a brief statement. “This decision is based on the assessment that a share-based transaction at current exchange ratios is not in the interest of TUI shareholders,” the statement explained. But it added: “Irrespective of this, TUI AG will continue fully to exercise its role as majority shareholder in order to leverage the value potential and benefits within the TUI Group for the benefit of all shareholders and other stakeholders of TUI AG.”

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