The state aid for the competition is “grossly unfair” for its own subsidiary DER Touristik, says Lionel Souque. Nevertheless, one could be surprised “that the state is supporting two companies with Tui and FTI which, strictly speaking, are not German companies”.
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Tui is at home on the London Stock Exchange and has a Russian billionaire as an anchor shareholder, the Rewe boss said in an interview with the “Store Manager“According to. FTI now mostly belongs to an Egyptian businessman. Behind DER Touristik, on the other hand, are” 1,800 medium-sized entrepreneurs from Germany, “explained Souque.
He was “very much in favor”, according to Souque, of the state helping to “secure as many jobs as possible”. But he very much hopes “that our competitors will repay the aid received in full after the crisis and that the state will not turn a blind eye,” Souque continued.
Retail secures tourism
Unlike TUI and FTI, the Rewe subsidiary DER Touristik did not apply for any loans from the state credit institution KfW in the wake of the Corona crisis. It probably didn’t have to do that, mainly because the flourishing retail division of the Rewe Group is securing a solid financial basis despite the losses in tourism.
For DER Touristik and other tourism companies that do not have to stay afloat with the help of state cash injections, this should mean a clear competitive advantage over TUI and FTI after the corona crisis. Because the repayment of the loans plus lavish interest rates will significantly burden the balance sheets of both groups for the foreseeable future.
Christian Schmicke
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