TUI Travel has completed its merger with TUI AG, it was announced to the London Stock Exchange this morning.
Joint chief executive of TUI AG Peter Long said the management would ‘successfully future proof’ the new Group ‘by securing long-term access to unique content’, which, he said, would allow the company to accelerate its growth plans.
"This is a fantastic day for TUI, now the world’s number one integrated leisure tourism business," he said.
In addition to securing new product, he said the Group had identified ‘significant’ efficiencies and cost savings.
"All this will lead to greater shareholder value, from our first full financial year," he said. "Personally, I am very excited about what the future holds and the opportunities that lie ahead for us as TUI Group."
Prof. Dr Klaus Mangold, chairman of the Supervisory Board of TUI AG, said: "TUI and TUI Travel are now one company – with this, we will combine the best of both organisations to deliver growth. I would like to thank everybody who made this great step possible. Let’s now use this unique opportunity to open a new and successful chapter for our shareholders, employees and customers."
Sir Michael Hodgkinson, co-vice chairman of the Supervisory Board of TUI AG, added: "This merger has been wholly supported by shareholders from both sides and I am delighted that it has completed. The business is stronger as one TUI and with the new management structure in place our shareholders should look forward to the future."
Friedrich Joussen, joint chief executive of TUI AG, said: "TUI is a thoroughly international Group with strong roots in Europe. Our 77,000 employees in 130 countries make sure that our customers experience unique holidays.
"Under the roof of the new TUI Group we want to grow and increase our international market position. Therefore, this is a good day for our customers, our shareholders and our employees. TUI is a pioneer in shaping the future of the tourism industry in terms of service, quality and innovation."
