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TUI Travel and TUI AG get extension on merger talks

Reuters

(Reuters) - The United Kingdom's Takeover Panel has granted an extension to TUI Travel Plc , Europe's biggest tour operator, and its majority owner, TUI AG , to confirm their proposed merger. TUI Travel and the German travel and tourism group said on June 27 they were in talks to merge. The deal, if it goes through, would create the world's largest leisure tourism group. The companies now have until Sept. 19, from an earlier deadline of July 25, to confirm whether they intend to merge. TUI Travel shares were down 1 percent at 364.8 pence at 1531 GMT (4.32 p.m. BST). TUI AG shares were down 1.4 percent at 10.80 euros. (Reporting by Aastha Agnihotri in Bangalore; Editing by Joyjeet Das)