TUI shareholders vote to delist from LSE in favour of Frankfurt Stock Exchange

TUI shareholders have voted in favour to delist the company's dual listing from London Stock Exchange (LSE), instead choosing a single listing on the Frankfurt Stock Exchange. The vote was almost unanimous with 98.35% voting in favour of the move. TUI will start trading in the prime standard in Frankfurt at the beginning of April. The share is expected to be admitted to the MDAX on June 24 whereupon the LSE listing will also end. ""The advantages of a main listing in Frankfurt are obvious: the structures are simplified, liquidity is centralised and improved in one trading venue and the simplified structure supports the EU requirements for ownership and control of our airlines,"" said TUI Group CFO Mathias Kiep. ""Nevertheless, the UK market remains one of our core activities and this has no impact on our strategy of a broad shareholder base."" At the company's 2024 annual general meeting - where executives, including CEO Sebastian Ebel, had done away with the formality of suits and instead donned black hoodies embellished with the TUI logo - Ebel said the German government's ""recent instantaneous decision to increase the air traffic levy is an example of a lack of political reliability."" He added that Germany's air traffic is ""lagging behind"" many other countries. He concluded: ""As if the situation wasn't already challenging enough, a further increase in the air traffic levy was recently announced practically overnight. Holiday packages for the summer have been sold before this change - under different calculations. Anyone who changes the rules in the middle of the game is damaging the country’s competitiveness. Good policy is characterised by predictable regulation. Then it supports the economy - instead of slowing it down.""