TUI AG says will not make offer for TUI Travel

Source: Reuters

Date :16/10/2008 07:55:15

Germany's TUI AG , which recently sold its Hapag-Lloyd shipping unit for 4.45 billion euros (3.46 billion pounds), said it did not intend to make an offer for British tour operator TUI Travel (TTP).

"While TUI continues to consider all of its options for the application of the disposal proceeds, TUI confirms that it has no current intention to make an offer to acquire the shares in TTP which it does not already own," TUI AG said on Thursday.

Tui Travel was created last year from the tie-up of TUI AG's travel division and Britain's First Choice.

(Reporting by Dan Lalor; Editing by Rosalba O'Brien)

LONDON (Reuters)