TUI By phlen 1990 exited the smelting and mining industry 1997 acquisition brought Hapag-Lloyd, made the complete acquisition of TUI Deutschland and took significant equity share of Magic Life 1998 Hapag Touristik was renamed "TUI" group and jumped into the European market 2001 all these brands and firms were put under the global umbrella of 'World of TUI' 2002 Preussage created TUI Air Management 2002 shareholders voted for 'Preussag AG' to be renamed 'TUI AG' 2003 started a new cost-cutting programme targeting yearly savings 2003 set up TUI China 2004 opened its first low-cost travel agency in Hamburg, Germany 2005 Launched the virtual tour operator Touropa.com