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Air Berlin, TUIfly Cancel Cross-Shareholding Plans

September 8, 2009 By: Jena Tesse Fox

Air Berlin and TUIfly have reportedly canceled plans for cross-shareholding. However, the planned takeover of TUIfly’s city carrier business by Air Berlin is still in the works, leaving the charter sector as TUIfly.

The two companies had agreed earlier this year to a cross-shareholding in which Air Berlin would take a stake of up to 20 percent in TUIfly, which would, in turn, acquire a reciprocal stake in Air Berlin via a capital increase.

Air Berlin said yesterday that TUI Travel would either acquire a 9.9 percent stake in the carrier or pay compensation of 15 million euros, but did not say why the two companies had decided to scrap plans for a cross-shareholding.

Germany’s Federal Cartel Office has already approved Air Berlin’s takeover of TUIfly’s city carrier business, but not the possible acquisition of a minority interest in Air Berlin by TUIfly, Air Berlin said.

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