Shareholders in Europe’s largest travel operator have overwhelmingly backed the company’s plans to cancel its listing on the London Stock Exchange.
TUI had announced in December that it planned to put the question to investors at its AGM this month, raising further eyebrows over the City of London’s post-Brexit future.
It argued that removing its shares on the FTSE 100 would cut costs and help it meet European Union airline ownership and control requirements.
But its central position was that a single German listing would better reflect its ownership and trading patterns, as most of its investors are domiciled in its home market.
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The company added that it did not believe cancelling its London listing would have an adverse effect on its image among UK consumers.
It was created from the combination of Germany’s TUI with Britain’s First Choice Holidays in 2007.
At least 75% of investors needed to support the motion for it to pass.
More than 98% supported the board.
Hannover-based TUI had, hours earlier, revealed better-than-expected quarterly results on the back of robust travel demand.
An operating profit of €6m (£5.1m) was reported for the low season of October-December.
TUI had delivered a loss of €153m (£130m) in the same period a year previously.
The City of London has lost listings to the US in recent years. Pic: Reuters
While TUI distanced itself from speculation of a snub to the UK, its delisting adds to the names of a growing number of firms seeking their fortunes away from London.
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