TUI to sell off remaining 25,000 airberlin shares

It was announced in April 2009 that a strategic cooperation deal had been struck between TUI Travel, and airlberlin, whereby airberlin will take a 19.9% stake in TUI’s struggling German airline operations, Hapag-Lloyd Flug and Tuifly. The intention was for airberlin to take over the operation of Tuifly’s scheduled route network, leasing 17 of its aircraft, including crews, and fly under the airberlin name at the end of October that year. Tuifly were still to retain control of the TUI group’s German charter operations for 21 aircraft flying to holiday destinations under the Tuifly name. At the time the shares were to be sold for a figure of €3.97, which was a considerable premium since the shares were trading at €3.08 at the time. Part of the reason for the strategic alliance was that it gave airberlin access to three “highly interesting markets” in Cologne, Stuttgart and Italy. TUI began their sell down of airberlin shares back in August 2014. Today, according to an airberlin spokesperson, “There is no statement regarding the sale of the remaining approximate 25,000 shares in July 2015. TUI started the process of gradually reducing its airberlin stake in August 2014. In November there was an official notification by airberlin that the stake had fallen below 3%.” At the time of the deal, €1.00 = US$1.47, today €1.00 = US$1.16