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The decision
Pressag decided to exit smelting and mining industry and entered tourism business. -
Major acquisitions
Starting with buying Hapag-Lloyd AG, complete acquisition of TUI Deutschland and gaining significant equity share of Magic Life. -
Further acquisition
Purchasing 24.9% of Thomas Cook. -
Majority stake in Thomas Cook
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Taking over the European market
Hapag Touristik Union was renamed TUI Group. They took over Thomson Travel Group. Acquired stake in Nouvelles Frontiéres. Acquisiton of Fritidsresor. Became leading company of tourism with over 200 tourism brands all over the world. -
Repositioning
All the brands were grouped into one under the name of World of TUI, which was then fully repositioned in the tourism industry. -
Creation of TUI Air Management
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Preussag AG renamed to TUI AG
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Full takeover of Nouvelles F.
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New program
Because of the slump in tourism, TUI started a new cost-cutting programme. -
The establishment of TUI China
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Opening of first low-cost travel agency with Touristik Express
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Establisment of TMR with Russian tour operator Mostravel
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Launching virtual tour operator Touropa.com
This solidified TOI's position as the European market leader. -
50% holdings in Le Passage to India
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Full control of CP ship
TUI merged their own container shipping division with CP ship.