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Kuoni sells its shareholding in TUI Suisse

Kuoni Travel Holding Ltd. is selling its 49% minority shareholding in…

Kuoni Travel Holding Ltd. is selling its 49% minority shareholding in TUI Suisse to the German-based TUI parent company with immediate effect. The transaction is intended to provide clearer structures in a market which has undergone radical changes since Kuoni first entered its joint venture with TUI.



Kuoni has owned a 49% minority shareholding in TUI Suisse since October 1, 1999. The joint venture provided the institutional foundation for a parallel collaboration between the two companies on the Swiss market. In view of radical subsequent changes which have seen competition substantially intensify in the markets concerned, Kuoni has now decided to sell its holding in TUI Suisse to TUI, the latter`s German-based parent company. The parties agreed not to divulge the sale price involved. Once the sale transaction has been formally completed, Hans Lerch, CEO of Kuoni Travel Holding Ltd., Max E. Katz, CFO of Kuoni Travel Holding Ltd. and Thomas Stirnimann, Executive Vice-President Kuoni Switzerland will relinquish their seats on the TUI Suisse Board of Directors. Kuoni Travel Switzerland and TUI Suisse intend to continue their collaborations involving Edelweiss Air, the hotels in which TUI holds an equity stake and their reciprocal distribution activities.

Theodore Koumelis
Co-Founder & Managing Director - Travel Media Applications | Website

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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