TUI Travel 注目する，もくろむs 引き継ぎ／買収 of German parent company, enticed with 貯金 of £100 million

By 略奪する Davies for the Daily Mail

Updated: 22:21 BST, 16 January 2013

Thomson Holidays owner Tui Travel has 確認するd it is in 会談 over a 合併 with German parent group Tui AG, as years of 憶測 finally 産する／生じるd 有形の results.

Tui said discussions were at a ‘very 早期に 行う／開催する／段階’ but that if a 取引，協定 does go ahead, it will take the form of an all-株 合併 with no 賞与金.

投資家s in TUI AG are also thought to be keen on a ‘逆転する 引き継ぎ／買収’, in which Tui Travel would be the 買い手, even though the German 会社／堅い owns 56 per cent of its British sister company.

飛行機で行くing high: Thomson Holidays owner Tui Travel has 確認するd it is in 会談 over a 合併 with German parent group Tui AG

But Tui Travel, whose 株式市場 value is bigger than that of its parent company, said this was not the basis of the 会談.

分析家s said 憶測 that a tie-up could save more than £400million was far too 楽観的な, with 貯金 likely to be closer to £100million.

Investec’s James Hollins said that the 影響 of any 貯金 by 連合させるing 操作／手術s does ‘not stretch much beyond 長，率いる office expenses’.

But a 合併 would fulfil TUI AG’s long-を待つd 願望（する） to mop up the 44 per cent of Tui Travel it does not own.

The German 会社／堅い has long been 推定する／予想するd to 試みる／企てる a 引き継ぎ／買収 after raising 基金s by selling its 火刑／賭ける in shipping 商売／仕事 Hapag-Lloyd.

It sold 17 per cent of Hapag-Lloyd last year and 保持するs 22 per cent of the 商売／仕事, which is in 合併 会談 with Hamburg 告訴するd.

If the 取引，協定 goes ahead, Tui AG said the value of its 火刑／賭ける in the 連合させるd 商売／仕事 would rise, 許すing it to raise more cash with a sale.

But while it could not raise the money for a 引き継ぎ／買収, a 合併 would 減ずる its costs and 許す it to 焦点（を合わせる） on 拡大するing its 核心 観光旅行，事業 操作／手術s.

Sources の近くに to Tui Travel said its 独立した・無所属 directors would be at 苦痛s to 確実にする that the 利益／興味s of 少数，小数派 株主s are 保護するd.

Tui AG has until 13 February to make a 会社／堅い 申し込む／申し出 ? under the 引き継ぎ／買収 パネル盤’s ‘put up or shut up’ 支配する ? unless it is 認めるd an 拡張.

It is 不明瞭な how the company’s 管理／経営 would be structured, raising the prospect that 井戸／弁護士席-尊敬（する）・点d boss Peter Long could take the 適切な時期 to call time on his 任期.

It is also too soon to say where the （警察，軍隊などの）本部 would be, a 支配する likely to create 論争 given that Tui AG is 恐らく the parent company but Tui Travel is larger.

TUI AG’s two largest 株主s, Norwegian shipping 大君 John Fredriksen with 15 per cent and ロシアの Alexey Mordashov with 25 per cent, are understood to be 支援 a combination.