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TUI Travel, TUI AG reach agreement on 6.5 bln euro merger

Reuters - UK Focus

LONDON, Sept 15 (Reuters) - Europe's biggest tour operator, TUI Travel (LSE: TT.L - news) , and majority owner TUI AG (Xetra: TUAG00 - news) said they had reached agreement on the terms of a recommended all-share nil-premium merger, creating a 6.5 billion euro holiday company.

Germany-based TUI AG already owns 55 percent of the London-listed firm and the companies had said in June that they were in talks regarding a merger.

The deal is in line with details announced in June with TUI Travel shareholders receiving 0.399 new TUI AG shares. (Reporting by Sarah Young; editing by Jason Neely)