Tui travel group mulls London delisting
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The news: Travel firm Tui Group is considering delisting from the London Stock Exchange (LSE) in favour of a listing in Germany.
The numbers: In the 12 months to September, Tui’s revenue climbed to €20.7 billion ($34 billion) from €16.5 billion ($27.10 billion) the previous year, while underlying pre-tax earnings increased 139% year on year to €977 million.
The context: In its Q4 results press release, Tui explained that the ownership of TUI AG’s shares and liquidity on exchanges has evolved significantly over the past four years. It is therefore considering whether the simplification of listing structures and MDAX50 index inclusion in Frankfurt will prove to be more attractive than staying put in London.
The Tui board will consider submitting a delisting resolution at its AGM in February 2024, with any move subject to 75% shareholder approval.
A delisting by Tui could be a major hit to the LSE, which saw Flutter complete a secondary listing in New York earlier this year ahead of a speculated UK departure. The LSE’s popularity has decreased in recent years, with several high-profile IPO candidates opting for alternative listing venues, including New York.
The source: London Stock Exchange
