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Hanover (dpa) - The Tui shareholders are to approve a capital increase and financial aid for the troubled travel company at an extraordinary general meeting today.
The meeting of the shareholders is held online due to the corona restrictions, a vote was possible in advance digitally or by postal vote.
Tui have now been awarded around 4.8 billion euros in support - including private funds - to offset the high sales losses in the ongoing pandemic.
Shortly before the shareholders' meeting, the EU Commission approved parts of the aid package on Monday evening.
"The financial package contains components that must be approved by the general meeting," said CEO Fritz Joussen.
"This includes the capital increase of around 500 million euros."
By issuing more shares, Tui wants to collect additional money.
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Major shareholders such as the Unifirm Limited group of companies around the Russian billionaire Mordashov family had already welcomed the granting of additional loans and guarantees for the world's largest tourism group.
The package also contains silent contributions from the state economic stabilization fund (WSF) over 700 million euros - of which the federal government could convert 420 million euros into shares and thus participate in Tui.
But this also provokes criticism.
The question of whether the state of Lower Saxony should guarantee some of the aid is also controversial.
Tui hopes for a quick recovery after the corona slump.
The past financial year (until the end of September) was disastrous, with a loss of over 3.1 billion euros in the end.
Sales fell from 18.9 billion to 7.9 billion euros.
In addition to air traffic and gastronomy, the tourism industry is particularly hard hit by the decline in demand during the pandemic.
Lufthansa had already received approval in the summer to continue flying with German state aid.
At that time, your shareholders agreed to a 20 percent stake in the capital of the Federal Republic of Germany, while the EU's competition watchdogs approved the German aid measures.
The Lufthansa rescue package had a volume of 9 billion euros.
© dpa-infocom, dpa: 210105-99-900119 / 2