TUI Group

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Preussag also acquired the largest British travel group, the Thomson Travel Group.

In 2001, Preussag sold the Kermi Group (bathroom furnishings and heating company), the Fels Group (construction materials company), KBB and Deutag (part of the company's energy division) and Wolf Holdings. Preussag acquired the French tourism group Nouvelles Frontieres in 2002.

Further in 2002, Preussag changed its name to TUI. TUI sold its 50% stake in Elektro-Chemie, Ibbenburen (ECI) to Akzo Nobel Chemicals Holding.

The company sold Preussag Energie to OMV, and also its 99.4% stake in Amalgamated Metal, in 2003.

During 2004, TUI entered the Russian tour operator market by establishing a joint venture with Mostravel, a tour operator in Russia. The company acquired the Austrian club holiday provider, MAGIC LIFE.

TUI acquired the Canadian CP Ships for $2 billion in 2005. Following its acquisition, CP Ships was integrated into TUI's shipping subsidiary, Hapag-Lloyd. Subsequently, the company sold its rail and tank container logistics business, pooled under its wholly-owned subsidiary VTG, to the Luxembourg-based company, Europeenne de Wagons.

The company sold its business travel activities, operating within its wholly-owned subsidiary of TQ3 Travel Solutions Management Holding to the Dutch BCD Holdings, in 2006. Later in the same year, TUI also sold its indirect 100% holding in the US steel trading corporation PNA Group to the US-based investment firm Platinum Equity. Subsequently, the company sold its 80% share in Wolf subsidiary to CENTROTEC Sustainable in Brilon, Germany.

In 2007, TUI and UK's First Choice Holidays jointly created a travel group with the name of TUI Travel. TUI had a 51% stake in the new company, while First Choice Holidays held the remaining stake. Later in the year, TUI and Royal Caribbean Cruises launched a new joint venture serving the German cruise market.

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The European antitrust authorities gave the approval for the joint venture cruise line planned by Royal Caribbean Cruises and TUI in 2008. Later in the same year, TUI hotels and resorts launched a new hotel brand aqi to be lifestyle brand in the budget leisure segment.

During 2009, TUI sold Hapag-Lloyd to Albert Ballin Holding at an enterprise value of E4,500 million (approximately $6,621 million). TUI Travel and Air Berlin entered into a long-term strategic partnership for their flight business in Germany.

Jauch & Huebener Holdings/Aon Deutschland, a subsidiary of Aon, purchased TUI Insurance Services from TUI in 2010.

In 2011, TUI sold an 11.33% of its shares in Hapag-Lloyd to the Albert Ballin consortium. TUI Travel acquired Magic Life hotels business in 2011. The China National Tourism Authority (CNTA) granted an outbound license to TUI China Travel. The license granted permission to TUI to organize international travel for Chinese holidaymakers. In 2011, TUI resolved to tender its 33.3% stake in Hapag-Lloyd to the Albert Ballin consortium.

TUI concluded an agreement with the Albert Ballin consortium in 2012 on the reduction of its stake from 38% to now 22% and redemption of the hybrid II financing scheme granted by the company. TUI and Turkey signed a strategic partnership agreement in 2012 to jointly develop the Chinese travel market for Turkey as a holiday destination.

In 2013, fleet of Hapag-Lloyd Kreuzfahrten, the fleet of TUI cruise sector, was expanded to include Europa II. TUI cruises, a business sector of TUI, started the production of its new vessel, Mein Schiff IV.

In June 2014, TUI announced that it would fully merge with TUI Travel.

TUI and Royal Caribbean Cruises announced their expansion plans for their joint venture, TUI Cruises, in August 2014.

In December 2014, TUI Travel and TUI merged to form TUI Group (or ‘the group’). In January 2015, the group purchased the cruise ship, EUROPA 2.

In March 2015, TUI Group announced that it would modernize its UK cruise operations through the acquisition of Splendour of the Seas from Royal Caribbean Cruises. In the same month, the group applied to delist its shares from the Prime Standard of the Frankfurt Stock Exchange and the stock exchanges in Stuttgart, Hamburg, Berlin, Dusseldorf and Munich as per 31 March 31, 2015. The listing of the shares on the Hanover stock exchange would be maintained. However, TUI Group would immediately launch a secondary market quotation of its shares in the Open Market on the Frankfurt Stock Exchange when the delisting becomes effective in order to provide the opportunity for German investors to trade their TUI shares in Euro.

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KEY EMPLOYEES

Name

Job Title

Board

Compensation

Friedrich Joussen

Joint Chief Executive Officer

Executive Board

3895900 EUR

Peter Long

Joint Chief Executive Officer

Executive Board

Johan Lundgren

Group Deputy Chief Executive; Chief Executive Officer, Mainstream

Executive Board

Horst Baier

Chief Financial Officer

Executive Board

1699500 EUR

Sebastian Ebel

Chief Human Resources Officer, Platforms

Executive Board

William Waggott

Chief Executive Officer, Non-Mainstream

Executive Board

Klaus Mangold

Chairman, Supervisory