Preussag AG

Preussag

Preussag AG was a German mining concern which later operated in a variety of industries. It was incorporated in October 9 1923 as Preußische Bergwerks- und Hütten-Aktiengesellschaft (Prussian Mine and Foundry Company).

In 1927 it was merged with the Ruhr coal company, Hibernia AG, and electricity utility to become the Vereinigte Elekrizitäts und Bergwerks AG (VEBA AG) (United Electrical and Mining Company).

With the sale of Salzgitter AG and purchase of the navigation and logistics company Hapag-Lloyd AG in 1997, Preussag AG became a global enterprise in the service and leisure industry. In addition the company acquired 25% of Thomas Cook shares in 1997, which it doubled the following year. On February 2 1999 the Carlson Leisure Group merged with Thomas Cook into a holding company owned by the German bank, Westdeutsche Landesbank, Carlson Inc and Preussag . However, in mid-2000 Preussag acquired Thomas Cook's rival Thomson Travel and was forced to sell its majority 50.1% stake in Thomas Cook by regulatory authorities.

Effective July 1 2002 the Preussag AG were renamed as TUI AG.

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