Financial Statements Special events in the quarter under review
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Financial Statements
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On 19 March 2007, TUI AG announced the merger of its tourism division – excluding the hotel companies jointly operating under TUI Hotels & Resorts – with the British travel group First Choice Holidays PLC. Subject to approval by the shareholders of First Choice Holidays PLC and the anti-trust authorities, this transaction will create one of the world’s largest travel groups. The new company is planned to be headquartered in the UK and listed on the British stock exchange. TUI AG will hold a majority shareholding of 51 per cent, with the shareholders of First Choice Holidays PLC holding 49 per cent. TUI Travel PLC will be fully consolidated in TUI AG’s consolidated financial statements. The transaction is subject to approval by the competent anti-trust authorities and by the shareholders of First Choice Holidays PLC, required under British law.