AUSTRIA: TUI TAKES OVER GTT

Article Abstract:

The German tourism giant TUI has signed an agreement take over 75% of the stock of Gulet Touropa Touristik (GTT), Austria's biggest travel group. The sellers are Mr Cem Kinay and Mr Oguz Serim, who hold 50%, and Austrian Airlines, which reduces its shareholding from 50% to 25%. TUI is planning to expand the distribution network in Austria, which currently comprises 43 travel agents. The German group would be interested in taking over the travel agent chain Ruefa, which is controlled by Bawag bank. GTT is expected to sell about 600,000 holidays in year 2000. It holds 45% of the Austrian travel organiser market and is followed by Neckermann at 20% and TUI at 12%. Altogether there are 620 travel organisers in Austria.

Asset sales & divestitures, Touristik Union International GmbH und Company KG, Gulet Touropa Touristik

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Austria: Travel agents show good results

Article Abstract:

Following the disaster of 11 September 2001, Austrian travel agents only saw a decrease of 20% in bookings, compared to 30% to 40% in Germany. Between September 2001 and September 2001 the situation has become normal again. The years turnover for Austrian travel agents is still likely to see a 5% increase in 2001, despite some travel agents having introduced short-time working immediately after the disaster.

Sales, profits & dividends, Travel agencies, HOTELS AND OTHER LODGING PLACES, Hospitality industry

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