United Kingdom
United States
Asia Pacific
TUI to sell off more non-tourism interests
TUI, the German owner of what was formerly Thomson Travel Group, is to float its Hapag Lloyd shipping business and sell off its other logistics companies so it can focus more closely on tourism. The company said the sale forms part of its aim to be come the “world’s leading tourism group.” Along with TUI in Germany and TUI UK (the former Thomson Travel Group) the company also owns the former Scandinavian Fritidsresor group, now called TUI Nordic (Fritidsresor, Star Tour, TEMA), and the airlines Hapag–Lloyd Flug and Britannia. The sale will reduce TUI’s net debt ”to well below Euro 2 billion” which it said would allow it to take ”advantage of growth opportunities” in its core tourism business. But when asked by TravelMole if the changes meant there would be more funds available for acquisitions, a spokeswoman said it “doesn’t mean that we want to buy anything.” The company will float about one-third of the shares of the cruise and container shipping business Hapag Lloyd during the second half of this year. The changes will mean that tourism will contribute about 85% of the company’s total earnings, compared to 75% currently. The spokeswoman added: “They want to reduce their debt which will increase their financial rating which will make them more attractive [and allow them to] negotiate better deals.”
Related News Stories:
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Protestors now targeting Amsterdam cruise calls
Storm Lilian travel chaos as bank holiday flights cancelled