An industrial disaster that only the German state could avoid.
TUI, the world travel leader, owes its survival only to the support of the government, which has granted 4.3 billion euros in public aid to its national flagship.
Ultimately, the German state could hold up to 25% of TUI's capital.
For comparison, the French government granted a State Guaranteed Loan (PGE) of 5 billion euros to Renault.
The diamond constructor achieved a turnover of 55.5 billion euros in 2019 ... nearly three times that of TUI, the same year.
Since then, the German giant has suffered 3.1 billion euros in losses for its financial year ended at the end of September 2020;
its turnover fell 58% to 7.9 billion.
On the stock market, it is only valued at 2.3 billion euros.
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Tourism: Airbnb and Booking laugh, TUI and Accor cry
TUI pays dearly for a separate model.
Unlike most of its rivals, the company owns planes, hotels and cruise ships.
When stationary, it crumbles under the weight of fixed charges, which have become
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