- By country
- By industry
- By topic
- Top 100
(SeeNews) - Nov 23, 2011 - The staff representatives of French travel group Nouvelles Frontieres and tour operator Marmara, owned by UK-based TUI Travel (LON:TT), have agreed to their merger project, which will be effective as of January 1, 2012, French daily Les Echos said.
The merger, which will concern all French units of TUI Travel, including also Tourinter and Aventuria, will create a leading tour operator in the country, ranking before the local subsidiary of British Thomas Cook.
Some 400 jobs are seen to be affected by the project, even though this figure was not confirmed by the group.
With the merger TUI Travel hopes to boost its profitability in France and speed up the recovery of loss-making Nouvelles Frontieres.
TUI Travel France, which employs 1,600, generated revenue of some EUR 2 billion (USD 2.6bn) in 2009/10 and had some 2.8 million customers. Its market share in the tour operating sector stood at 40%.
(EUR 1.0 = USD 1.338)
Nov 23, 2011 15:09 CEST