Reports that TUI AG, which has a 54% controlling stake in London stock market-listed Tui Travel plc, is preparing to buy the remaining 46% have been denied.

Weekend papers in the UK claimed TUI AG had enlisted investment banks to discussing options with the German tour operator.

One option was thought to be TUI AG taking the remaining 46% of TUI Travel and delisting it from the London market.

However a spokesman for TUI AG was reported as saying today that he was not aware of any talks taking place.

“There are neither plans nor decisions as to how we want to develop our core tourism business in the future,” he said.

The outstanding 46% of Tui Travel is worth an estimated £1.37 billion according to its current market value. TUI AG has said its main focus is to sell the remaining 46% it has in shipping company Hapag-Lloyd, something that will fuel its growth in the travel sector.

When it sold part of Hapag-Lloys last year it was suggested it would use this money to buy the remaining 46% of TUI Travel but this never materialised.