Tui could drop London listing in new blow to City

HOLIDAYS giant Tui could be the latest firm to pack up and leave the City, revealing today that it's considering delisting from the London Stock Exchange.

- Daniel O’Boyle

The departure would be a major blow to London, coming on the heels of a number of other high-profile snubs and exits this year.

Tui, which is also listed in Frankfurt, said a single listing there would provide "a clearer investment profile", and allow it to become part of German mid-cap index the MDAX. The MDAX has outperformed the FTSE 250 in 2023 and over the last 15 years.

In the past four years, Tui - which was created by a merger of Thomas Cook and German firm Preussag AG in 1997 - said it has seen "a notable liquidity migration from UK to Germany", and shareholders have recently expressed ews favouring a single listing in Frankfurt.

The travel firm added that there were also "potential benefits" on EU airline ownership rules, which say carriers must be at least 51% EU owned. A quarter of Tui shares are held in the US, more than 10% in the UK and a further 9% between Norway and Switzerland.