A Spanish consortium, led by the RIU chain of hotels, has acquired 17.3% of the European leader in tourism, the German TUI (turnover of 19.215 billion EUR). DEUTSCHE BANK took over the 31.3% held by WESTLB within TUI, for around 930 million EUR. It then sold off 14% to European institutional investors, and the hotelier RIU acquired a 10% stake, and shared the remaining 17.3% with CAJA DE AHORROS DEL MEDITERANEO and the hotel chain GRUPO DE EMPRESAS MATUTES.