Home > Online > TUI Travel Shareholders Approve Merger with TUI AG

TUI Travel Shareholders Approve Merger with TUI AG

10/30/2014| 8:43:17 AM| 中文

TUI AG jumped the most in more than a year after shareholders of TUI Travel Plc, Europe’s largest tour operator, approved the terms of a proposed merger between the two companies.

TUI shares rose as much as 7 percent to 12.44 euros in Frankfurt, the biggest intraday jump since January 2013. TUI Travel shares advanced as much as 4.5 percent to 399.90 pence in London.

Almost 80 percent of minority shareholders of the Crawley, England-based company voted in favor of the plan last night, surpassing the necessary threshold of 75 percent. Earlier yesterday, shareholders of TUI AG had given the go-ahead for the merger to proceed.

Approval was "as a gift from heaven," Commerzbank analyst Johannes Braun said in a note to clients. "It solves the company's holding dilemma and gives full control over TUI Travel's sizable cash flows" while reducing the conglomerate's discount. Braun raised his recommendation on the shares to buy from hold, raising his six-month price estimate to 15 euros from 12 euros.

Read more

TAGS: TUI Travel | TUI AG | merger
©2017 广州力矩资讯科技有限公司 粤ICP备06070077号-2
Tell us more about yourself!