TUI left frustrated as Etihad walks away from talks
TUI AG Reg Shs (DI)
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17:14 21/06/24
TUI Group has been left hanging after United Arab Emirates based Etihad Aviation walked away from talks about a potential joint venture between the German aviation subsidiary TUI fly and Niki.
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The Anglo-German group said the talks had been looking to "form a strong European leisure airline" but the UAE group's Vienna-based Niki was "no longer available".
Sebastian Ebel, a member of TUI board in charge of central Europe said: “A strong European leisure airline continues to make great strategic sense. After all, the aviation sector is characterised by overcapacity in Germany.
"However, Niki is no longer available for a joint venture. We will push the repositioning of TUI fly further ahead in order to develop long-term prospects for the airline and its employees.”
TUI Group put out public feelers for any other carriers that were listening.
The FTSE 100-listed company said it was "prepared to contribute to the stabilisation of the German aviation market" and "remains open for a partnership or the formation of joint ventures" serving the strategic goal of reshaping the market.