Special events in the quarter under review
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On 17 March 2008, TUI AG announced the decision by the Executive Board and Supervisory Board to separate container shipping from the Group. Since then, the process has been driven ahead according to plan. The timeframe for the separation of container shipping aims at approaching prospective buyers following the preparation of an information memorandum in late May/early June.
The divestment process is firmly focused on achieving highest possible value for TUI AG’s shareholders. At the same time, the Supervisory Board has mandated the Executive Board to identify further growth options for the expansion of the tourism business.
Following the fundamental decision to separate container shipping from the Group, these activities have been classified as a discontinued operation and reclassified accordingly pursuant to IFRS 5. The discontinued operation thus comprises the container shipping activities and the interests in the Altenwerder and Montreal, Canada, container terminals (Montreal Gateway Terminals). The cruises sector, previously managed in the shipping division, remains within the TUI Group and is now shown in the tourism division.