Shareholders of the world's largest travel company Tui AG voted on Tuesday to approve Germany's €1.25 billion recapitalization plan.
The support measures, which was yesterday approved by the European Commission, includes a silent participation of €1.1 billion, out of which €420 can be converted into shares and a convertible bond with warrants of €150 million. It is a part of a wider larger recapitalization package.
"As many other companies active in the tourism sector, TUI has been hit particularly hard by the coronavirus crisis. With this measure, Germany will contribute up to €1.25 billion to TUI’s recapitalization and help the company weather the crisis," the commission's Executive Vice-President Margrethe Vestager said yesterday.
