Brussels, 02/06/2000 (Agence Europe) - The European Commission authorised the German group TUI (Preussag group) to take-over the majority of the capital in the Austrian tour operator Gulet Touropa Touristik (GTT). Though the operation will make TUI the market leader in Austria, the Commission felt that there is sufficient competition from other package tour organisers in Austria and Germany. The majority of large German travel agents already operate on the Austrian market and many travel agents in western Austria provide German holiday brochures with departures from Salzburg, Linz and Innsbruck, reminds the Commission in its Communiqué. "Consequently, tour operators in Austria will in the long-term be unable to set their prices independently of the German market," assures the Commission when believing that consumers will benefit from pressure on prices.
In this operation, the share held by Austrian Airlines (AUA) in GTT falls from 50% to 25%. The TUI group, 100% subsidiary of the German group Preussag, is one of the largest package-tour operators in Europe.