TUI sells British AMC Group
| Service |
Hanover, November 4, 2003
As previously announced in September, TUI will sell its 99.4 per cent stake in Amalgamated Metal Corporation plc (AMC) as part of a management buyout. AMCO Investments Ltd., which was formed by certain members of AMC Group management, has announced a takeover bid for AMC which TUI has undertaken to accept.
After approval by the ordinary shareholders of a special dividend of £ 4.66 per ordinary share (total £ 78.3 million or approx. Euro 115 million) and TUIs acceptance of the bid, AMCO will take over TUI's 99.4 per cent ordinary shareholding in AMC held by a British subsidiary at a price of £ 3.65 per share (total £ 61.3 million or Euro 90 million). TUI will therefore accrue a total in excess of Euro 200 million of which about Euro 160 million will be utilised to finance the transaction which will be repayable over six years.
Selling off the trading activities, and thereby the AMC Group, is part of TUI’s restructuring programme. With the sale of AMC, the share of tourism in TUI Group turnover increases to 75% while the share of logistics turnover increases to 20%.
For further information please contact:
Björn Beroleit, phone +49 511 566-1310
Nicola Gehrt, phone +49 511 566-1435