TUI Travel has announced that the merger of First Choice Holidays and the Tourism Division of TUI AG has been successfully completed, with the results of a review of its businesses to be announced in January. The review will take place in order to decide which areas it will focus on and whether the sale of units is necessary.
As a result, First Choice Holidays PLC’s listing was cancelled today and the shares of the new group, TUI Travel PLC, have been submitted to the Official List of the UK Listing Authority and the London Stock Exchange’s market for listed securities.
In a statement, TUI Travel Chief Executive Peter Long said: “The creation of TUI Travel PLC, one of the world’s leading leisure travel companies, represents real growth opportunities for us as a Group. Not only will our shareholders benefit from efficiencies but we are also well positioned to deliver strong organic and acquisition led growth.”
TUI Travel Chairman Dr Michael Frenzel added: “TUI Travel has tremendous opportunities ahead of it. We will bring together some of the best known brands in leisure travel coupled with excellent management expertise. TUI Travel will be actively shaping the future of the tourism business.”
