News yesterday from Fritz Joussen, CEO of the travel company Tui, reveals the Hannover, Germany company and its British subsidiary TUI Travel PLC moving forward to a proposed merger to form the world’s biggest tourism entity. With some 74 000 Employees and a market capitalization of over €6,5 Billion Euros, TUI will dwarf the competition.
According to reports on the Tui merger, unnecessary double structures will now be eliminated to try and alleviate much of the negativity associated with the current state of tourism in Europe. Terrorism and other instablility have hit the industry hard from the Middle East, to Eastern and Western Europe. Sanctions, the threat of violence, and instability of overall business have apparently made these sorts of mergers necessary.
Now it’s up to the shareholders to meet and agree on the planned merger. It remains to be seen if stakeholders will approve the plan at cost savings and growth in this turbulent market. For more information readers should visit the TUI corporate website.