TUI confirms plan to quit London Stock Exchange

TUI to quit London Stock Exchange
By Linsey McNeill
05/01/2024
Home » TUI confirms plan to quit London Stock Exchange

TUI is to recommend to shareholders that it delists from the London Stock Exchange at its annual general meeting next month.

Both its Executive Board and Supervisory Board have backed the proposal to cancel the London listing and upgrade its current listing on the Frankfurt Stock Exchange.

They are asking shareholders to approve the move on 13 February.

Under the proposals, TUI’s listing on the Frankfurt Stock Exchange will be upgraded to the Prime Standard market segment and included in the MDAX, which lists the top 50 companies that rank immediately below companies in the DAX index.

If the proposal wins the support of the majority of its shareholders next month, TUI is expected to quit the London Stock Exchange in June.

The move was first mooted by investors last year since 77% of TUI’s shares are now traded in Germany and less than 25% in the UK.

Chief Finance Officer Mathias Kiep said: “Following the successful merger of TUI AG and TUI Travel PC at the end of 2014, the dual stock exchange listing was the right decision and offered many advantages. 

“In the meantime, the majority of our share’s liquidity has migrated to Germany. We have followed the suggestions of our shareholders and have held extensive discussions. 

“Terminating the listing in London would offer clear advantages for investors and the company: Simplification of structures, improvement in liquidity and indexation as well as benefits for the EU ownership of our airlines. 

“On this basis and after intensive analysis, we recommend that our shareholders vote in favour of the proposed resolution at the upcoming Annual General Meeting. However, in the best sense of an Annual General Meeting, it remains the decision of our shareholders.”

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