TUI Travel votes ‘yes’ to mergerPosted: October 30, 2014
TUI Travel has agreed to go ahead with a merger with its German parent TUI AG at an extraordinary general meeting today.
The group secured more than the 75% of the votes required for the merger to go ahead.
Just under 80% voted ‘yes’ to the merger, but just over 20% were against.
TUI Travel chief executive Peter Long said: “Today’s result is testament to the fact that the overwhelming majority of our shareholders – many of whom have been shareholders in TUI Travel for a long time – believe that this merger will successfully continue to deliver value for them.”
Sir Michael Hodgkinson, deputy chairman and senior independent director, added: “We believe that the rationale for this merger, creating the world’s number one integrated leisure tourism business, is compelling.
“We have secured more than the 75% of the votes required for both the Scheme of Arrangement at the Court Meeting and the Special Resolution at the General Meeting proving the considerable support amongst shareholders. I and my fellow independent directors are delighted that this step in the merger has been successfully completed.”
The results of the TUI AG extraordinary general meeting, also held today, have not yet been announced.
The merger is expected to be completed on December 11.
Sourced by Travelmole