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The tour operator Sunweb wants to cancel the takeover of its sector colleague Corendon, and the court in Amsterdam has been proven right.
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Sunweb announced two years ago that it wanted to take over Corendon. The Swedish venture capital fund Triton, the owner of Sunweb, wanted to put 146 million euros on the table.
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It ultimately took more than a year before the Dutch competition watchdog gave its approval for the takeover. But there was no longer any question of uncorking champagne at Sunweb. On the contrary, it called off the deal because it felt it had been delayed too long to close and that all conditions had not been met in time.
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excuse
Corendon could not laugh at that and thought that Sunweb had come up with an excuse to force a lower price or to completely ignore it, given the major problems that the outbreak of the corona pandemic had caused in the travel sector.
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Corendon went to court to force Sunweb to proceed with the takeover. The court in Amsterdam decided in an earlier hearing that the takeover did not have to go through according to the previously agreed conditions. Such a mandatory deal would entail risks for employment, customers and suppliers. The judge concluded that both parties should return to the negotiating table. That did not work, so the case ended up in court again.
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We are pleased that this lawsuit has come to an end and that there is clarity for our employees and those of Corendon.
Mattijs ten Brink
CEO Sunweb
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Also now Sunweb is drawing the longest straw. ‘We are pleased that this lawsuit has come to an end and that there is clarity for our employees and those of Corendon. The ruling comes as no surprise, because we have always had confidence in our legal position,” said CEO Mattijs ten Brink.
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Sunweb, which has Dutch roots, is one of the largest travel organizations in Europe. The company headquartered in Switzerland is also active as a tour operator in Belgium.
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Corendon was disappointed with the legal defeat. The travel organization regrets the statement ‘because we are still convinced that a merger of the two organizations would be the best strategic route.’
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Just like Sunweb, Corendon is of Dutch descent. The company was founded by Atilay Uslu. He started his career as a ‘shawarma farmer’ in Haarlem. He expanded the modest travel agency into a tour operator with 450 employees. Before the pandemic, Corendon, which also includes an airline, had a turnover of 515 million euros.
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