Tui investors vote to leave London Stock Exchange amid record results

Tui, Europe’s biggest travel company, is abandoning the London Stock Exchange in favour of listing its shares solely in Germany. A vote on Tuesday resulted in 98.35% of shareholders backing a company proposal to drop its UK listing, in what will be seen as the latest blow to London’s standing in international finance. The company said the result showed “there was a very clear vote in favour of delisting from the London Stock Exchange”. The move – which will see Tui retain its dual listing on the Hanover and Frankfurt exchanges – is expected to take place early this summer. The company had argued to shareholders that the axing of London would simplify its structure and improve liquidity, with some investors suggesting that shares traded solely in Germany could lower costs and provide “support for EU airline ownership”. Tui has said about 77% of share transactions are settled directly via the German share register, while less than a quarter of trading in Tui shares is in the form of UK depositary interests. Trading of Tui shares has previously attracted scrutiny. An attempted transfer in March 2022 of a large stake owned by the Russian steel, mining and banking tycoon Alexei Mordashov resulted in a criminal investigation in Cyprus, after an international media exposé raised questions about a potential sanctions breach. Mordashov’s stake remains frozen.<br/>