TUI AG mulls sale of TUI Travel stake - report
FRANKFURT, March 13
FRANKFURT, March 13 (Reuters) - TUI AG is considering selling its stake in TUI Travel, Europe's largest tour operator, a German magazine reported on Wednesday.
TUI AG could use the proceeds from a sale to invest in its own tourism operations and make a payout to shareholders, Manager Magazin reported without citing sources.
TUI AG owns 56.4 percent of TUI Travel and had considered making an offer to buy out the remainder in order to expand its tourism activities, before deciding against it in January, saying a deal was not attractive at current share prices.
While TUI AG has its own hotels and cruises business, TUI Travel makes up 96 percent of its revenue.
Shares in TUI Travel were down 1.6 percent to 315.3 pence($4.69) at 1047 GMT, TUI AG shares were flat at 8.21 euros ($10.69).
TUI AG was not immediately available for comment. A spokeswoman for TUI Travel said it was not for the UK-listed group to comment on TUI AG.
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