Tourism - Tui considers leaving the London Stock Exchange and returning to the MDax
Tui, the world's largest travel group, is considering leaving the London Stock Exchange and returning to the MDax. Unlike a few years ago, three quarters of Tui shares are now traded in Germany, said CFO Mathias Kiep in a video conference with journalists on the occasion of the presentation of the annual results on Wednesday. Several investors had recently suggested a change in the stock exchange listing. The Management Board is now examining whether a promotion to the Prime Standard of the Frankfurt Stock Exchange with inclusion in the MDax and a delisting in London would be advantageous. A decision could be made as early as the Annual General Meeting in February.
The Tui Group had moved the main listing of its shares to London in the course of the merger with its former tour operator subsidiary Tui Travel. In doing so, the Group left the MDax, the German stock market index for medium-sized stocks. In 2015 and 2016, most Tui shares were then traded in London. According to the Group, however, this has changed, especially in the past four years.
A stock exchange listing in Germany alone could bring Tui advantages in the view of the Executive Board. These include a reduction in costs, compliance with EU requirements for the ownership and control of airlines and an improvement in the equity profile with an expected prominent position in the MDax.
The Group's shareholders would first have to approve a delisting in London - according to the information provided, with at least 75 percent of the votes cast. The Management Board is therefore considering putting the project on the agenda of the next Annual General Meeting, which is scheduled for February 13, 2024.
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Source: www.stern.de
