Preussag
Encyclopedia
Preussag AG was a German mining company which later operated in a variety of industries. It was incorporated on 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 was renamed as TUI AG
.
In 1927 it was merged with the Ruhr
Ruhr Area
The Ruhr, by German-speaking geographers and historians more accurately called Ruhr district or Ruhr region , is an urban area in North Rhine-Westphalia, Germany. With 4435 km² and a population of some 5.2 million , it is the largest urban agglomeration in Germany...
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
Salzgitter AG
Salzgitter AG is a German company, one of the largest steel producers in Europe with an annual output of around 7 million tonnes.The company was founded in 1937 as Reichswerke Hermann Göring,...
and purchase of the navigation and logistics company Hapag-Lloyd AG
Hapag-Lloyd
Hapag-Lloyd is a German transportation company comprising a cargo container shipping line, Hapag-Lloyd AG, which in turn owns other subsidiaries such as Hapag-Lloyd Ships and a cruise line, Hapag-Lloyd Cruises which is now integrated into TUI AG, Hanover...
in 1997, Preussag AG became a global enterprise in the service and leisure industry. In addition the company acquired 25% of Thomas Cook
Thomas Cook
Thomas Cook of Melbourne, Derbyshire, England founded the travel agency that is now Thomas Cook Group.- Early days :...
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
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
owned by the German bank, Westdeutsche Landesbank
WestLB
WestLB AG is a European commercial bank based in Düsseldorf in Germany which is partly owned by the German state of North Rhine-Westphalia. The letters LB in the name stand for Landesbank. The Landesbanken are a group of state owned banks unique to Germany...
, 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 was renamed as TUI AG
TUI AG
TUI AG is a German multinational travel and tourism company headquartered in Hanover. Until 2001 it was an industrial and transportation company named Preussag AG, which in the mid-1990s decided to reinvent itself as a tourism, shipping, and logistics company...
.