The reduction of share capital from 2.56 euros per share to 1.00 euro per share was approved by 99.59 percent of the shareholders, and the subsequent capital increase of approximately 509 million euros was approved by 97.95 percent. The conversion right of the WSF into shares of TUI AG in accordance with Silent Participation I was approved by 98.04 percent of shareholders. The EGM closed at 1:28 pm CET.
Prior to this, the other components of the third financing package, which was announced on December 2, 2020, had already been fulfilled. The Economic Stabilization Fund (WSF) and TUI AG signed the agreement for two silent participations totaling 1.091 billion euros. The WSF measures comprise a silent participation convertible into shares in TUI of 420 million euros (Silent Participation I). The second silent participation amounts to 671 million euros. The second silent participation has been extended by the amount of the outstanding government guarantees as announced in the ad-hoc announcement of December 2, 2020. As soon as the guarantees are received, the second silent participation will be reduced accordingly. The EU Commission has already approved the contract.
The implementation of the components of the third financing package will also grant an prolongation of a portion of the existing KfW credit line in the amount of 500 million euros. This would otherwise have ceased to be available on April 1, 2021. The partial amount now also has a maturity like the rest of the existing KfW credit line (July 2022), once the outstanding senior bond is redeemed with the funds from the capital increase.
Under the third financing package, KfW is also participating in an additional loan facility together with private banks in the amount of 200 million euros.
The third financing package has a total volume of around 1.8 billion euros. Full details and components of the third financing package can be found here. The voting results on the three agenda items of the extraordinary General Meeting can also be found at www.tuigroup.com/en-en/investors/agm from January 6, 2021.
Image Credit: © TUI Group
The most interesting news
ITB Berlin NOW Convention: Rethinking tourism
More than 200 leading international speakers representing airlines, the hotel and cruise industries as well as organisers will talk about the future of the tourism industry – Focus on marketing, destinations and sustainable travel at the global tra
France, Germany tighten COVID-19 measures at border
French cross-border workers will require antigen test to enter Germany from March 2.
Emirates Economy Class customers with new option to purchase empty adjoining seats
Emirates’ Economy Class customers can now enjoy even more personal space and privacy onboard with the ability to purchase up to three empty adjoining seats on their flight.
Amadeus and Microsoft form strategic partnership to drive future innovation in travel
Amadeus and Microsoft today announce a global strategic partnership that will harness cloud technology to innovate and explore new products and solutions and create smoother travel experiences in the future.
Condor flies to Beirut and Sulaimaniyya
Condor is flying from Dusseldorf to the Lebanese capital Beirut and to Sulaimaniyya in the Autonomous Region of Kurdistan in Iraq in time for the Whitsun vacations.
Emirates Group signs MoU with Roads and Transport Authority (RTA)
Agreement to deepen strategic cooperation in area of asset management.
Emirates Group reaffirms commitment to wildlife and habitat conservation
On the occasion of World Wildlife Day, the Emirates Group has reaffirmed its long-standing commitment to protecting wildlife and habitats. It also shone the spotlight on conservation efforts across the organisation at an online Environment Forum for
Spain to tighten curfews, limit travel for Easter
Country hopes to prevent 4th wave of contagion.
Lufthansa Group prepares for demand growth in 2021 after operating loss of 5.5 billion euros
Carsten Spohr, CEO of Deutsche Lufthansa AG, says:
Hotelbeds signs partnership with Turespaña to attract high value US travellers
Hotelbeds, the world’s leading bedbank, has today announced its first ever partnership agreement with Turespaña, Spain’s national tourism board, designed to capitalise on Hotelbeds’ leading position in the US outbound market to drive significa
ITB Berlin NOW: Events and business travel on the way to a new normal
The ITB Berlin NOW Convention addresses the challenges facing the MICE and business travel industries – Digitalisation and sustainable travel as ways out of the crisis – Full details of the programme of the world’s largest think tank are availa
People want to travel again and a large majority of the population is planning trips in 2021
ITB Berlin and Statista present a new survey on travel behaviour in Germany, the US and China.
Zimbabwe: Easing restrictions bring hope to Victoria Falls
People are rejoicing in tourist town Vic Falls, hoping revival of tourism will bring business.
TUI AGM on 25 March 2021 – New members for the Supervisory Board
Dr Jutta Dönges and Janina Kugel proposed for election to the Supervisory Board – Agreement with the Economic Stabilisation Fund (WSF) to be implemented.
Emirates and Dubai Health Authority to create digital verification of COVID-19 medical records
Dubai to become one of the world’s first cities to implement digital verification of passenger medical records relating to COVID-19 testing and vaccination
A Need for Nature
A collection of escapes that celebrate the outdoors.
EU: Unemployment rises to more than 7 percent in January
15.7M people unemployed in EU as of first month of 2021, says Eurostat.
Europe’s Travel & Tourism sector calls on EU governments to chart restart plan in time for Summer
The European Tourism Manifesto alliance, a group of more than 60 public and private travel and tourism organisations and the voice of the sector in Europe, today unveiled a series of joint recommendations for EU Member States on how to relaunch trave
Human Rights in Tourism - More Important than Ever in the Crisis and Beyond
The Roundtable Human Rights in Tourism would like to put human rights and tourism on the agenda and raise awareness of tourism professionals at ITB Berlin Now.
Britons' demand for travel to Turkey on rise
UK residents rush to book their favorite destinations in Turkey as vaccination process boosts optimism.