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TUI, TUI Travel Get Extension On Merger Talks

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The UK's Takeover Panel has granted an extension to TUI Travel, Europe's biggest tour operator, and its majority owner TUI, to confirm their proposed merger.

TUI Travel and the German travel and tourism group said on June 27 they were in talks to merge. The deal, if it goes through, would create the world's largest leisure tourism group.

The companies now have until September 19, from an earlier deadline of July 25, to confirm whether they intend to merge.

(Reuters)