Tui shareholders approve the rescue package

Tui shareholders approve the rescue package

After Lufthansa, the German state can now take a larger stake in the Tui travel group. The owners of the company, which was badly hit by the Corona crisis, approved a corresponding right to exchange assets for shares with a large majority. This clears the way for the federal government to join Tui with a total of up to 25 percent plus one share. The company had called its owners together for an extraordinary general meeting that was being held online because of the pandemic restrictions. The majority of the shareholders created the final formal requirements for a larger state participation. The EU Commission had previously announced on Monday evening in Brussels that it believes that the framework conditions under competition law for up to 1.25 billion euros in German aid have been met. Specifically, it concerns a silent participation in Tui of 420 million euros, which the state economic stabilization fund (WSF) is now allowed to convert into direct shares according to the shareholders' resolution. The package also includes a convertible bond worth 150 million euros, for which the essential conditions had already been clarified in late summer. In addition, there is now a second, but non-convertible, silent participation of up to 680 million euros. The exact exhaustion of this last part depends, among other things, on whether the state of Lower Saxony has agreed to secure a sum of up to 400 million euros with its own guarantee at the Tui headquarters in Hanover.