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BUZZ-TUI AG, TUI Travel gain after merger approved

Reuters - UK Focus

** Shares (Berlin: DI6.BE - news) in TUI AG (Xetra: TUAG00 - news) rise 5.7 pct and TUI Travel (LSE: TT.L - news) gain 3.6 pct after shareholders on Tuesday approve pair's plans to merge.

** Commerzbank (Xetra: CBK100 - news) upgrades TUI AG to 'Buy' from 'Hold' and increases its target price on the stock to 15 euros from 12 euros.

** "TUI AG shareholders should take this as a gift from heaven," Commerzbank analyst Johannes Braun says in a note, adding there had been doubts whether TUI Travel shareholders would approve the deal.

** Braun says the deal will enable TUI AG to adopt the payout policy of TUI Travel. "On our estimates this means 3 pct dividend yield for FY 2014 and 5 pct for FY 2015," he writes.

** The new target price of 15 euros implies ~30 pct upside, Braun adds. (Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net)