HANNOVER (dpa-AFX) – The world‘s largest travel group Tui is letting its shareholders vote on withdrawing from the London Stock Exchange. At the beginning of December, management had already announced the prospect of moving the listing of Tui shares from London back to Frankfurt in order to present business figures. This means that the share could then possibly return to the index of medium-sized stocks, the MDax, provided that the relevant criteria of the German stock exchange are met. The response to a delisting in London was positive from shareholders, it said on Thursday in the invitation to the general meeting on February 13th. Therefore, it should be voted on at the virtual meeting.
Unlike a few years ago, three quarters of Tui shares are now owned and traded in Germany, CFO Mathias Kiep said at the beginning of December. Recently, several investors suggested changing the stock exchange listing. Tui moved the share listing to London around nine years ago after merging with the former tour operator subsidiary Tui Travel.
From the point of view of the Tui leadership, a listing only in Germany would reduce costs and bring other advantages, for example in meeting EU rules on ownership and control of airlines. A delisting in London would have to be approved by shareholders with a majority of three quarters of the votes./mis/stw/ck/he
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ISIN:DE000TUAG505WKN:TUAG50