The holiday giant Tui has announced that they are considering to delist from the London Stock Exchange following “views expressed by shareholders.”
Tui who are a German based firm were approached by their shareholders and asked if the London stock market is “optimal and advantageous.”
Tui has a secondary listing in Frankfurt and said that over the last four years there has been a “notable liquidity migration from UK to Germany” over their share ownership.
They are proposing a shareholder vote on the plans at the next general meeting on 13 February and they would need at least 75% of investor votes to proceed with the Frankfurt listing.
Tui has said that 75% of their shares are already being traded in Germany and by having just one listing it would have “potential benefits to European Union airline ownership and control requirements.”
Tui said in a statement, “In light of the views expressed by shareholders and any further feedback from shareholders, the executive board is currently considering, if an upgrade to a prime standard listing in Frankfurt with MDax inclusion and a delisting from the London Stock Exchange would be in the best interest of shareholders.”
The group’s chief executive, Sebastian Ebel, said the proposals have “no political background” which has nothing to do with Brexit, Tui added, the British travel market “is the most important market” for them.