TUI to get €1.1B aid from German government

Wednesday, 02. December 2020 16:50

German Federal Ministry for Economic Affairs and Energy said on Wednesday it decided to approve a package worth around €1.1 billion for Anglo-German multinational travel and tourism company TUI AG. The deal will also include an agenda item that says that all executive bonuses and dividends will be banned.

Ministry explained that through the government’s new economic stabilization fund WSF there will be €700 million given through a variable capital mix

TUI's Chief Executive Officer Friedrich Joussen said earlier that his company could ask for additional credit from the state and that they are not ruling out the possibility of "raising new equity or selling parts of the company at a suitable point in time."

Related Links: TUI AG
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Breaking the News / TF