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TUI Says TUI Travel Merger Plans On Track

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TUI's plans for a merger with its London-listed unit TUI Travel are on track, the German company's chief executive said.

"We are well on the way but we can't say anything more," Friedrich Joussen told journalists after the group reported third quarter results.

Takeover regulations in Britain also prevent the two companies from releasing full interim reports until a merger proposal is formally submitted.

(Reuters)