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Entry in the tourism business
Michael Frenzel and his team (Preussag) decided to exit the smelting and mining industry to enter the tourism business. -
Preussag acquires TUI Deutschland
(One of the leaders for package holiday). -
Preussag buy Hapag-Lloyd AG
(A large German tour operator). -
HTU purchases of 24.9% of Thomas Cook
Hapag Touristik Union was a tourism division of Preussag. Thomas Cook was one of the biggest British tourism and financial services group. -
HTU acquires a majority stake in Thomas Cook
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HTU becomes "TUI Group" and enter the European market
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TUI completes the takeover of British Thomson Travel Group
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TUI takes a stake in Nouvelles Frontières
(French leader tour operator), with an agreement for a future entire takeover. -
TUI acquires Fritidsresor
(One of the largest tour operators in Scandinavia). -
All these firms are put under the global umbrella "World of TUI"
-
Preussag creates TUI Air Management
In order to manage the six group airlines centrally. -
Preussag AG is renamed TUI AG
-
TUI completes the 100% takeover of Nouvelles Frontières
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Start of a new cost-cutting programme
In order to adjust to the slump in tourism (targeting yearly savings of €260m in 2003 and €100m in 2004). -
TUI sets up TUI China
For Chinese tourists visiting Germany. -
TUI opens Touristik Express
It's first low-cost travel agency in Hamburg, Germany. -
TUI sets up TUI Mostravel Russia
And enters the Russian tour operator market through a joint venture with the Russian tour operator Mostravel. -
TUI launches Touropa.com
A virtual tour operator in Germany. -
TUI holds 50% of "Le passage to India"
(An incoming agency), and enters the Indian market. -
TUI takes full control of CP ship
(Leading Canadian container shipping line) and merges its container shipping division with it.