×

TUI AG mulls buying back TUI Travel soon - sources

FRANKFURT, Jan 21 (Reuters) - TUI AG is mulling to quickly use the proceeds of a planned divestment to buy more shares in Europe's largest tour operator TUI Travel, two sources close to the company told Reuters. "There are plans to float Hapag-Lloyd within the next three months, and TUI is likely to buy TUI Travel shares within another 3-4 months after that," a source close to the company said. "The management has to act swiftly to prevent whetting the appetite of its owners for a special dividend," another source close to TUI added. In preliminary talks, some main shareholders have for now agreed to see the Hapag proceeds invested in TUI's tourism business, one of the sources said. A TUI spokesman said on Saturday, "there is no firm timetable for several options TUI has." (Reporting by Arno Schuetze and Angelika Gruber) Keywords: TUI/ (Arno.Schuetze@thomsonreuters.com; +49 69 7565 1197; Reuters Messaging: Arno.Schuetze.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.