Kuoni shareholders approved the takeover of Travelport’s Gulliver’s Travel Associates at an annual general meeting today.
The acquisition was reliant on shareholder approval to increase Kuoni’s share capital. Their consent, by a large majority at the AGM, will enable a capital increase of 250 million Swiss francs, allowing the deal to be completed on May 5.
Kuoni’s planned takeover of Travelport’s Gulliver’s Travel Associates will lead to Kuoni becoming one of the world’s leading providers of online destination management services.
Figures released for the AGM show that tour operating booking levels are 1% down over this time last year, with the UK/Benelux division showing a 4% decline.
Current board directors Heinz Karrer and John Lindquist were also re-elected at the AGM for a three year term of office.