euro adhoc: TUI AG
Joint Ventures/Cooperation/Collaboration
Ad-hoc-statement
in accordance with section 15 of the German Securities Trading Act (WpHG German
Stock Exchange Act)
TUI Travel upgrades synergy potential
Plans to merge Germanwings, Euro
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
29.01.2008
London/Hanover, 29 January 2008. TUI Travel PLC, a TUI AG group company, today publishes the results of the 100-day-review by CEO Peter Long in London and provides an update on details of its further strategy. According to this update, excellent progress has been achieved on the integration of the business of First Choice Holidays PLC and TUI´s tourism division under the newly formed TUI Travel. As a result, TUI Travel has upgraded the expected synergies from an initial 100 million pound sterling to now 150 million pound sterling per annum. The synergies are expected to be fully effective by the end of the 2010 financial year. The additional synergy benefit will be realised in the UK and in continental Europe as well as a number of central functions. It is now expected that the restructuring costs associated with the delivery of the synergies will amount to 180 million pound sterling. The identified synergies and further underlying margin opportunity in the Mainstream Holidays as well as in the Specialist sector will facilitate a significant increase in the operating margin going forward.
In addition, TUI Travel PLC has today signed a Memorandum of Understanding with Deutsche Lufthansa AG and Albrecht Knauf Industriebeteiligung GmbH, allowing the parties to proceed with plans to merge their subsidiaries Hapag-Lloyd Fluggesellschaft GmbH, Hapag-Lloyd Express GmbH, Germanwings GmbH and Eurowings Luftverkehrs AG under a joint and independent holding company. The prerequisites for the conclusion of legally binding agreements will be a due diligence process and negotiations of the specific details. The merger will require approval by the relevant bodies of the companies involved and by the anti-trust authorities.
Hanover, 29 January 2008 - The Executive Board -
Address: TUI AG Karl-Wiechert-Allee 4 30625 Hanover Germany List of exchanges where stock is listed: Berlin/Bremen, Düsseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart International security identification number (ISIN): DE000TUAG000 DE0003659884 DE0002913894 XS0191794782 XS0191795672 XS0195307367 DE000TUAG059 XS0237431837 XS0237433700 XS0237435317 XS0237436711
More detailed information is available at www.tuitravelplc.com. This press release is also available at www.tui-group.com.
End of the ad-hoc-statement If we comment on forecasts or expectations in this announcement or if our statements relate to the future, these statements may be associated with known and unknown risks and uncertainties. Actual outcomes and developments may, therefore, deviate significantly from the expressed expectations and assumptions. In addition, the performance of financial markets and exchange rates as well as national and international law amendments, particularly with regard to tax regulations, may have an influence. Except as provided by law, the company assumes no obligation to update future statements.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Björn Beroleit, phone +49 (0)511 - 566 1310
Nicola Gehrt, phone +49 (0)511 - 566 1435
Branche: Transport
ISIN: DE000TUAG000
WKN: TUAG00
Index: DAX, CDAX, HDAX, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / regulated dealing
Börse Hamburg / regulated dealing
Börse Stuttgart / regulated dealing
Börse Düsseldorf / regulated dealing
Börse Hannover / regulated dealing
Börse München / regulated dealing
Original-Content von: TUI AG, übermittelt durch news aktuell