TUI AG CEO says no plans for merger with TUI Travel

FRANKFURT Wed May 15, 2013 7:07am BST

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FRANKFURT May 15 (Reuters) - TUI AG has no plans to merge with London-listed unit TUI Travel, the German company's chief executive said on Wednesday.

"The oneTUI programme is designed to get more out of the existing structure of the group. It's not an M&A programme," Friedrich Joussen told reporters after the group published a plan detailing a return to paying dividends and cutting costs.

TUI AG had already looked at merging with TUI Travel but decided against it at the start of this year.

Joussen also said the group was still looking at ways to exit its stake in container shipping firm Hapag-Lloyd, including via an IPO or sale, but that it was under no pressure.

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