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TUI in share deal with Air Berlin

30 March 2009

Europe’s biggest travel firm, TUI Travel, is to take a stake in German airline Air Berlin.

The firm will pay 28.5m euros (£26.5m) for a 19.9% holding in Air Berlin as part of a cross-shareholding agreement.

The deal aims to lower TUI’s running costs and reduce the number of flights they run to European destinations, which has been one of its aims since the merger.

source: BBC

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