The state aid to TUI should be returned quickly.
This was announced by TUI boss Joussen a few days ago when he reported on a successful first quarter and on his confidence that there would be a strong holiday summer.
Now the next step has been taken.
On Tuesday evening, the TUI supervisory board approved the placement of 162.3 million shares on the financial market, and overnight the holiday group raised 425 million euros in fresh money from institutional investors.
Business correspondent in Hamburg.
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Arithmetically, this results in a price of EUR 2.62 per share.
On the stock exchange, the TUI course then slipped by up to 10 percent.
This can be seen as a technical reaction, because the capital increase reduces the respective share's profit share to this extent.
TUI uses the proceeds from the capital increase to repay part of the funds from the Economic Stabilization Fund (WSF).
It is about the Silent Participation II with a volume of 671 million euros.
Because the fresh money from the current placement is not enough, TUI is also using available cash of 246 million euros for the repayment.
The state is still involved in the Hanover-based group with the silent participation I of the WSF in the amount of 420 million euros.
In principle, this silent participation can also be converted into shares, just like a bond with warrants for 59 million euros.
Apart from the repayments, TUI AG is also reducing its credit line granted by KfW by 336 million euros to 2.1 billion euros.
This line of credit serves as a liquidity reserve for the holiday group in the rapidly growing business, some of which has to be pre-financed.
On April 1, TUI had already returned credit lines of over 700 million euros.
The long-time main shareholder Alexei Mordashov, who was sanctioned at the beginning of March because of the Ukraine war, also participated in earlier capital increases.
Mordashov had passed on the shares shortly before, his true role is unclear.
The stake of 30 percent is now already smaller, since the subscription right of the existing shareholders was excluded in the current placement.Keywords: