TUI Travel says received approach from TUI AG
LONDON/FRANKFURT Jan 16 (Reuters) - TUI Travel said it has received an approach from majority owner TUI AG that may result in the two companies being combined.
The statement on Wednesday came after Reuters reported that the owners of Germany-based TUI AG were considering a reverse takeover of Europe's largest tour operator in a bid to cut costs.
TUI Travel said that discussions were at an early stage, but on the basis of a nil-premium all-share merger, rather than a reverse takeover. (Reporting by Victoria Bryan)