TUI has signed a Memorandum of Understanding with Deutsche Lufthansa AG and Albrecht Knauf Industriebeteiligung GmbH. (1/30/2008)
The move will allow the parties to proceed with plans to merge Eurowings Luftverkehrs, Germanwings GmbH, Hapag-Lloyd Flugeselleschaft GmbH and Hapag-Lloyd Express GmbH under a joint and independent holding company.
"This process is at an early stage and there is no guarantee that it will lead to an integrated airline group. Further announcements will be made in due course," stated the company.
As per the information available (about the new airline), Albrechet Knauf, who is a partner with Lufthansa in Germanwings and Eurowings, is to hold a major stake in the new airline. According to press reports, Germanwings and TUIfly would nonetheless continue to exist. The reports said TUI and Lufthansa would each own 40% of the new carrier, with Knauf holding the rest.