TUI takes 100% control of Nouvelles Frontières

TUI has completed the 100% takeover of France's leading tour operator Nouvelles Frontières. Europe's largest tourism group first took a minority holding in the French company in 2000 and gradually built this up to 30.3%. TUI bought the majority shares in Nouvelles Frontières as planned from the previous majority shareholder and founder, Jacques Maillot, and a group of minority shareholders for an undisclosed sum. Nouvelles Frontières, the only fully vertically integrated tourism company in France and the country's largest tour operator, had some 1.8 million customers and turnover of EUR 1.2 billion last year. TUI board member Ralf Corsten has managed the company since summer 2001 with the target of returning it to profit in 2002 or 2003. This is being achieved by disposing of loss-making activities and shedding some 320 jobs largely through fluctuations at the main tour operating division and at airline Corsair.