A decade after merging with its British subsidiary Tui Travel and opting for a dual listing in London and Frankfurt, Tui is now returning to its domestic financial market. The former Dax company plans to have its sole listing in the prime standard of the Frankfurt Stock Exchange in the future. This move aims to avoid the complexities and costs associated with a dual listing. Although shareholders still need to vote on the move, it is undoubtedly a gain for the financial market Frankfurt, where a new MDax member is likely to emerge. However, the return of Tui is not a contradiction to the signal Linde's departure from the Dax represented.

Firstly, it's evident that no heavyweight player is entering for whom the controversial cap limit, which was a bone of contention for Linde, could play a role in the foreseeable future. Thus, Tui's plans may ostensibly signal that the Frankfurt Stock Exchange, despite occasionally challenging regulations, remains a venue of choice. But for Tui, this choice is primarily driven by internal factors.

Secondly, the shareholder structure of the tourism giant, doubly affected by the pandemic and the Ukraine war, has been significantly shaken and rearranged due to crisis management. The loss of the Russian major shareholder Alexej Mordashov, who could no longer participate in capital increases due to the sanction regime after the Russian invasion of Ukraine, has forced Tui to bring other shareholders on board. As it turned out, these were predominantly German, and they also prefer to trade Tui shares domestically.

Meanwhile, the fact that the number of German shareholders now constitutes three-quarters is likely to be warmly welcomed by Tui itself. That is because the EU requirements for ownership and control of airlines apply to the corporate subsidiary Tuifly, as emphasized by the travel conglomerate itself. As long as Tui primarily pursued the strategy of gaining investors through a separate stock listing in the operationally most crucial market, the UK, there was a risk that their share could exceed 50%. This would have caused complications for the airline. Without such concerns, the resolution of the general meeting is likely to proceed smoothly. Having 75% German shareholders makes the event a home game with favorable odds for Tui.