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28 January 2021 The on-line newspaper devoted to the world of transports 03:23 GMT+1

January 5, 2021

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The EU Commission authorises public support for recapitalization of the German tourist group TUI

Public resources of up to 1.25 billion expected of euro

The European Commission has approved a plan of the German government which involves contributing public resources up to a total of €1.25 billion to the group's recapitalisation Germanic tourist TUI. "Like many other companies active in the tourism sector - explained Today Margrethe Vestager, European Commissioner for Competition - TUI has been particularly affected by the coronavirus crisis. With this measure Germany will contribute up to €1.25 billion recapitalization of TUI and will help the company to overcome the crisis. At the same time, the State will be sufficiently remunerated for the risk assumed by taxpayers support will be provided with constraints to limit the distortions of competition.'

The TUI Group also operates in the cruise sector with the three brands TUI Cruises, Hapag-Lloyd Cruises and Marella Cruises. The first is a 50:50 joint venture with the American Royal Caribbean Cruises, while the capital of the other two cruise companies is wholly owned by the German group.

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