Tui AG has no plans to merge with London-listed Tui Travel, according to the German company's chief executive.
Friedrich Joussen, unveiling a plan today detailing a return to paying dividends and cutting costs, said: "The oneTui programme is designed to get more out of the existing structure of the group. It's not a M&A [merger and acquisition] programme.”
Tui AG looked at merging with Tui Travel but decided against it at the start of this year.
Joussen also said the group was still looking at ways to exit its stake in container shipping firm Hapag-Lloyd, including via an IPO or sale, but that it was under no pressure, Reuters reported.
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