5th Jan 2021 13:25
(Alliance News) - Tui AG shareholders have voted to allow the German state to take a stake of up to 25% in the ailing Anglo-German holiday operator.
The Hanover-based company, which has been plunged into crisis by the coronavirus pandemic, had called an extraordinary online meeting on Tuesday, in which shareholders agreed by majority to clear the remaining hurdles for the bailout.
They voted to allow the conversion of capital contributions into shares.
The European Commission announced on Monday that EU competition watchdogs had approved the German state aid of up to EUR1.25 billion for Tui.
The state aid package comprises EUR420 million in silent participation, which can be converted into Tui's equity.
It also comprises non-convertible silent participation of up to EUR680 million, and EUR150 million of convertible warrant bond.
Tui had already profited from earlier state support over the course of 2020.
source: dpa
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