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TUI Travel, TUI AG merger completes

Reuters - UK Focus

LONDON, Dec (Shanghai: 600875.SS - news) 17 (Reuters) - The merger of Britain's TUI Travel and Germany's TUI AG (Xetra: TUAG00 - news) completed on Wednesday, bringing to a conclusion a deal to create the world's largest leisure and tourism company which will be known as TUI Group.

London-listed TUI Travel (LSE: TT.L - news) and TUI AG, the British company's biggest shareholder, reached an agreement in September on the terms of a 6.5 billion euro merger.

The tie-up had been expected ever since TUI Travel was created in 2007 from the merger of Britain's First Choice and the travel business of TUI AG, which had owned around 55 percent of the London-listed company.

Shares (Berlin: DI6.BE - news) in TUI AG will be admitted to, and start trading on, the London Stock Exchange (Other OTC: LDNXF - news) at 0800.

The merger is expected to result in 170 million euros of costs savings and tax benefits and will streamline a cumbersome holding structure that includes headquarters in both Britain and Germany and two separate stock market listings. (Reporting by Sarah Young; Editing by Neil Maidment)