Editing TUI Group (section)

==History==
[[File:TUI KWA4.JPG|thumb|TUI Group head office in [[Hanover]]]]
===Foundation and early years===
The origins of the company lie in the industrial and transportation company Preussag AG, which was originally formed as a German mining company. It was incorporated on 9 October 1923, as ''Preußische Bergwerks- und Hütten-Aktiengesellschaft'' (Prussian Mine and Foundry Company). In 1927 it was merged with the [[Ruhr Area|Ruhr]] coal company, Hibernia AG, and electricity utility to become the ''Vereinigte Elektrizitäts und Bergwerks AG'' (VEBA AG) (United Electrical and Mining Company).<ref>{{cite web |url=https://www.preussenelektra.de/pe-internet/Historie-631.htm?rdeLocaleAttr=en& |title=History |publisher=Preussen Elektra |access-date=14 April 2017}}</ref>

After the sale of [[Salzgitter AG]] and purchase of [[Hapag-Lloyd]] AG (the navigation and logistics company) in 1997, Preussag AG became a global enterprise in the service and [[leisure industry]]. At that time, Hapag-Lloyd held a 30% interest in the tourism conglomerate TUI (founded 1968), increased to 100% by 1999. In addition the company acquired 25% of [[Thomas Cook & Son|Thomas Cook]] shares in 1997, which it doubled the following year. On 2 February 1999, the Carlson Leisure Group merged with Thomas Cook into a [[holding company]] owned by the German bank [[WestLB|Westdeutsche Landesbank]], Carlson Inc and Preussag.<ref>{{Cite web |title=WESTDEUTSCHE LANDESBANK / CARLSON / THOMAS COOK (Merger) [1999] ECComm 26 (8 March 1999) |url=http://www.worldlii.org/eu/cases/ECComm/1999/26.html |website=www.worldlii.org |access-date=2015-12-02}}</ref> However, in mid-2000 Preussag acquired Thomas Cook's rival [[Thomson Travel]] and was forced to sell its majority 50.1% stake in Thomas Cook by regulatory authorities.<ref>{{cite web |url=http://news.bbc.co.uk/1/hi/business/1059350.stm |title=German firm buys Thomas Cook |date=7 December 2000 |publisher=BBC |access-date=14 April 2017}}</ref> In 2002, Preussag renamed itself TUI AG.<ref>{{cite news |url=https://www.telegraph.co.uk/travel/comment/farewell-thomson-hello-tui/ |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/travel/comment/farewell-thomson-hello-tui/ |archive-date=2022-01-12 |url-access=subscription |url-status=live |title=Goodbye Thomson, hello TUI – how Germany beat Britain in the battle of the sunlounge |newspaper=The Telegraph |date=18 October 2017 |access-date=11 March 2019|last1=Leadbeater |first1=Chris }}{{cbignore}}</ref>

TUI announced a merger of its travel division with the British tour operator [[First Choice (travel firm)|First Choice]] in March 2007,<ref>{{cite news |title=First Choice to tie up with TUI |url=http://news.bbc.co.uk/1/hi/business/6465387.stm |newspaper=BBC News |date=19 March 2007 |access-date=24 June 2013}}</ref> which was approved by the European Commission on 4 June 2007, on the condition that the merged company sell Budget Travel in Ireland.<ref>{{cite news |title=First Choice-TUI merger cleared |url=http://news.bbc.co.uk/1/hi/business/6720995.stm |newspaper=BBC News |date=4 June 2007 |access-date=24 June 2013}}</ref> TUI held a 55% stake in the new company, [[TUI Travel]] PLC, which began operations in September 2007.<ref>{{cite web|url=https://www.theguardian.com/business/2007/mar/19/travel.travelnews|title=Thomson and First Choice to merge|date=19 March 2007|work=The Guardian|last=Walsh|first=Fiona}}</ref>

In April 2008, [[Alexey Mordashov]], who purchased his first shares in TUI Travel in autumn 2007, purchased additional TUI Travel shares under S-Group in order to expand TUI Travel into [[Eastern Europe]] and [[Russia]].<ref name=FinancialTimes2008-04-11>{{cite news |url=http://www.genios.de/presse-archiv/artikel/FTD/20080411/tui-gruendet-mit-mordaschow-reiseto/D8H384O4.html |title=TUI gründet mit Mordaschow Reisetochter in Russland Touristikkonzern und Oligarch vertiefen Partnerschaft |language=de|trans-title=TUI establishes a subsidiary in Russia with Mordashov. Touristkonzern and Oligarch deepen partnership. |date=11 April 2008 |newspaper=[[Financial Times Deutschland]]|access-date=22 October 2018}}</ref><ref name=GoettingerTagenblatt2010-08-30>{{cite news |url=http://www.goettinger-tageblatt.de/Nachrichten/Wirtschaft/Regional/Alexej-Mordaschow-baut-Einfluss-bei-TUI-aus |title=Alexej Mordaschow baut Einfluss bei TUI aus |language=de|trans-title=Alexei Mordashov is extending his influence at TUI |date=30 August 2010 |newspaper=[[Göttinger Tageblatt]] |last=Heitmann |first=Jens|access-date=22 October 2018}}</ref><ref name=Spiegel2011-01-31>{{cite news |url=http://www.spiegel.de/wirtschaft/unternehmen/reisegigant-russischer-investor-baut-einfluss-bei-tui-aus-a-742649.html |title=Russischer Investor baut Einfluss bei TUI aus |language=de|trans-title=Russian investor is extending his influence at TUI |date=31 January 2011 |newspaper=[[Der Spiegel]] |access-date=22 October 2018}}</ref>

Its logistics activities, concentrated in the shipping sector, were kept separate and bundled within Hapag-Lloyd AG. A majority stake in Hapag-Lloyd was sold to the ''[[Albert Ballin]] [[consortium]]'' of investors in March 2009<ref name="Reuters">{{cite news |last=Kuehnen |first=Eva |title=TUI AG completes sale of Hapag-Lloyd unit |url=https://www.reuters.com/article/idUSLN56520520090323 |access-date=8 August 2010 |date=23 March 2009 |work=[[Reuters]]}}</ref> and a further stake was sold to Ballin in February 2012, as TUI worked to exit from the shipping business and to optimize its tourism business with expansion in [[Russia]], [[China]] and [[India]] under [[Michael Frenzel]].<ref name=Spiegel2011-01-31/><ref>{{cite web |url=http://www.chicagotribune.com/business/sns-rt-us-tui-hapaglloydtre81b0al-20120212,0,121923.story |title=TUI AG set to agree Hapag-Lloyd deal this week |website=[[Chicago Tribune]] |date=12 February 2012}}{{Dead link|date=June 2018 |bot=InternetArchiveBot |fix-attempted=no }}</ref> Prior to August 2010, [[John Fredriksen]] held the largest Norwegian privately held stake in TUI Travel and had a significant influence upon TUI Travel's direction and strategy.<ref name=FinanceMagazin2010-08-30>{{cite news |url=https://www.finance-magazin.de/deals/ma/tui-grossaktionaer-stockt-anteil-auf-1117172/ |title=Tui-Großaktionär stockt Anteil auf |language=de|trans-title=Tui major shareholder increases stake |date=30 August 2010 |work=[[:de:Finance (Magazin)|Finance]] |last=Wnuck |first=Corinna|access-date=22 October 2018}}</ref> As Alexey Mordashov through his S-Group Travel Holding increased his stake in TUI Travel to a stake larger than Fredriksen's stake, the shipping business had to be sold.<ref name=FinanceMagazin2010-08-30/>

In June 2014, the company announced it would fully merge with TUI Travel to create a united group with a value of $US9.7 billion.<ref>{{cite web |url=http://www.internationaltravelnews.com/index.php/sid/223325423/scat/26e7946dced8f2bc/ht/Tui-Travel-agrees-to-merger-with-German-majority-stakeholder |title=Tui Travel agrees to merger with German majority stakeholder |publisher=International Travel News |access-date=17 December 2014 |archive-url=https://web.archive.org/web/20141006110023/http://www.internationaltravelnews.com/index.php/sid/223325423/scat/26e7946dced8f2bc/ht/Tui-Travel-agrees-to-merger-with-German-majority-stakeholder |archive-date=2014-10-06 |url-status=dead }}</ref> The merger was completed on 17 December 2014 and the combined business began trading on the Frankfurt and London stock exchanges.<ref>{{cite news |last=Young |first=Sarah |title=TUI Travel, TUI AG merger completes |url=http://uk.reuters.com/article/uk-tui-travel-m-a-tui-ag-idUKKBN0JV0KP20141217 |archive-url=https://web.archive.org/web/20160305203620/http://uk.reuters.com/article/uk-tui-travel-m-a-tui-ag-idUKKBN0JV0KP20141217 |url-status=dead |archive-date=March 5, 2016 |date=17 December 2014 |publisher=Reuters |access-date=17 December 2014}}</ref> Prior to this merger, Alexey Mordashov, the largest private shareholder in TUI Travel, held a blocking stake in TUI Travel through his S-Group.<ref name=Bild2017-09-01>{{cite news |url=https://www.bild.de/geld/aktuelles/wirtschaft/roundup-tuigrossaktionaer-mordaschow-naehert-49663300.bild.html |title=Roundup: Tui-Großaktionär Mordaschow nähert sich der Sperrminorität |language=de|trans-title=Roundup: Tui major shareholder Mordashov approaches the blocking minority |date=1 September 2017 |newspaper=[[Bild]]|access-date=22 October 2018}}</ref> After the merger, Mordashov's stake was reduced to less than a blocking stake of 25%.<ref name=Bild2017-09-01/> On 12 December 2016, Mordashov increased his stake in TUI Group from 18% to more than 20%.<ref name="Bild2017-09-01" /><ref name="RBC2017-01-10">{{cite news |url=https://www.rbc.ru/rbcfreenews/5874fd489a79474cd2fe6a32 |title=Алексей Мордашов приблизил свою долю в TUI к блокирующему пакету |language=ru|trans-title=Alexey Mordashov brought his stake in TUI closer to the blocking stake |date=10 January 2017 |work=[[RBK Group|RBC]]|access-date=22 October 2018}}</ref> In October 2018, his 24.9% stake was the largest privately held stake in TUI Group.<ref name="TUIGroup2018-10">{{cite web |url=https://www.tuigroup.com/en-en/investors/share/shareholder-structure |title=Shareholder structure |work=TUI Group|access-date=22 October 2018}}</ref> In June 2019, Mordashov transferred 65% of his stake to the KN-Holding, owned by his sons Kirill and Nikita Mordashov. TUI stated in a statement that they ”welcomed the second generation of the family amongst its shareholders”.<ref>{{Cite web|url=http://www.tuigroup.com/en-en/media/press-releases/2019/2019-06-21-change-in-the-shareholder-structure|title=Change in the shareholder structure of TUI AG|website=www.tuigroup.com|language=en|access-date=2019-12-05}}</ref>

Berge & Meer and Boomerang Reisen as well as Atraveo were sold to the holding company GENUI in 2019.<ref>{{Cite web |title=TUI Group to sell German specialist tour operators "Berge & Meer" and "Boomerang Reisen" / Group sharpens its profile |url=http://www.tuigroup.com/en-en/media/press-releases/2019/2019-09-12-divestment-berge-und-meer-boomerang-reisen |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref> At the end of 2019, the holiday home provider Wolters Reisen GmbH and the round trip specialist Wolters Rundreisen GmbH, of which TUI Group owned 100% of the shares via an investment company, were sold to the Frankfurt-based company e-domizil.<ref>{{Cite web |title=TUI Group sells German holiday home provider Wolters Reisen |url=http://www.tuigroup.com/en-en/media/press-releases/2019/2019-12-23-tui-group-sells-wolters-reisen |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref>

===Development since 2020===
In August 2020, the company reported a net loss of €2.3 billion (from October 2019 to June 2020) as a result of the [[COVID-19 pandemic]]. Out of the sum, €1.5 billion loss related to the period from April to June 2020, while the revenue for the same period was €75 million, 98% less than the same period in 2019. TUI's chief executive officer, Fritz Joussen announced that the firm was considering selling the Marella cruise line.<ref>{{cite news|url=https://www.ft.com/content/f1898c97-2479-4ced-bfa1-dc417945f919|title= Tour operator Tui considers disposals after racking up €2.3bn loss|work=Financial Times|last=Hancock|first=Alice|date=13 August 2020|access-date=13 August 2020}}</ref>

In March 2022, the company's largest single shareholder, Alexey Mordashov, a Russian oligarch and confidante of [[Vladimir Putin]], was placed under sanctions due to the [[2022 Russian invasion of Ukraine]].<ref>{{Cite web |date=2022-03-02 |title=Alexei Mordashov: Russia's richest man is now an EU sanctions target |url=https://www.theguardian.com/news/2022/mar/02/alexei-mordashov-russias-richest-man-is-now-an-eu-sanctions-target |access-date=2022-03-05 |website=The Guardian |language=en|last=Partridge|first=Joanna}}</ref><ref>{{Cite web |last=Welle |first=Deutsche |title=The Russian oligarchs of the FinCEN Files {{!}} DW {{!}} 26.09.2020 |url=https://www.dw.com/en/the-russian-oligarchs-of-the-fincen-files/a-55062675 |access-date=2022-03-05 |website=DW.COM |language=en-GB}}</ref><ref>{{cite news |last1=Джонс |first1=Пит (Jones, Pete) |last2=Стэк |first2=Грэм (Stack, Graham) |url=https://www.occrp.org/en/cyprus-confidential/cyprus-wing-of-auditing-giant-pwc-may-have-breached-sanctions-in-work-for-oligarch |title=Кипрский филиал аудиторского гиганта PwC, вероятно, нарушил санкции при работе на российского олигарха: Утечка документов показала, что PwC Cyprus поспешила реструктурировать компании российских олигархов, когда возникла угроза санкций. Власти Кипра заверяют, что расследуют эпизод, когда PwC предположительно завершила сделку по продаже акций россиянина через несколько дней после того, как он попал в санкционный список ЕС. |trans-title=Cyprus Wing of Auditing Giant PwC May Have Breached Sanctions in Work for Oligarch: Leaked documents show staff at PwC Cyprus hurried to restructure companies belonging to Russian oligarchs as the prospect of sanctions loomed. Now Cyprus says it is investigating one case in which PwC staff appeared to work on the transfer of an oligarch’s assets in the days after he was sanctioned by the EU. |language=ru |work=[[OCCRP]] |date=14 November 2023 |access-date=16 November 2023 |archive-date=17 November 2023 |archive-url=https://web.archive.org/web/20231117033844/https://www.occrp.org/en/cyprus-confidential/cyprus-wing-of-auditing-giant-pwc-may-have-breached-sanctions-in-work-for-oligarch}} [https://www.compromat.ru/page_44788.htm Alternate archive]</ref><ref>{{cite news |last=Розэ |first=Анна (Rose, Anna) |url=https://www.svoboda.org/a/zhurnalist-dlya-putina-kak-hubert-zaypelj-za-denjgi-hvalil-kremlj/32685573.html |title=Журналист для Путина. Как Хуберт Зайпель за деньги хвалил Кремль: Немецкий телеканал ARD и его дочерняя телерадиовещательная компания NDR годами, уже после аннексии Крыма, внимали байкам о России от проплаченного Кремлем журналиста. По данным только что вышедшего в свет расследования, видный немецкий тележурналист Хуберт Зайпель получал из Москвы сотни тысяч евро за книги о Путине. Тем самым Зайпель стал первым западным журналистом, тайное финансирование которого Кремлем было документально доказано. |trans-title=Journalist for Putin. How Hubert Seipel praised the Kremlin for money: For years, after the annexation of Crimea, the German television channel ARD and its subsidiary broadcasting company NDR listened to stories about Russia from a journalist paid by the Kremlin. According to a just-published investigation, prominent German television journalist Hubert Seipel received hundreds of thousands of euros from Moscow for books about Putin. Thus, Seipel became the first Western journalist whose secret financing by the Kremlin was documented. |language=ru |work=[[Радио Свобода]] |date=15 November 2023 |access-date=16 November 2023 |archive-date=17 November 2023 |archive-url=https://web.archive.org/web/20231117033149/https://www.svoboda.org/a/zhurnalist-dlya-putina-kak-hubert-zaypelj-za-denjgi-hvalil-kremlj/32685573.html}} [https://www.compromat.ru/page_44791.htm Alternate archive]</ref>

In March 2023, it was announced that TUI would seek to raise $1.8 billion by selling shares at a discount to existing investors, excluding Mordashov as a result of sanctions under German securities law.<ref>{{Cite web |url=https://www.cityam.com/putin-ally-and-russian-billionaire-sanctioned-tui/ |website=City A.M. |accessdate=2023-08-15 |date=2023-03-24 |title=TUI open to new majority shareholder following resignation of sanctioned Russian billionaire}}</ref><ref>{{Cite web |url=https://www.travelgossip.co.uk/latestnews/tui-launches-e1-8bn-share-sale-but-russian-owner-is-banned/ |website=Travel Gossip |title=TUI launches €1.8bn share sale, but Russian owner is banned |date=2023-03-24 |access-date=2023-08-15}}</ref>