Europe Euphoria

German travel group TUI has announced a merger of its tourism unit with Britain’s First Choice. The two firms said on Monday they planned to create TUI Travel Plc, a London-based tourism giant with about £12 billion ($23 billion) of revenues. The move marks the latest step in the accelerating consolidation of the European tourism industry. It comes about a month after Thomas Cook, Europe’s second-largest travel firm, bought British rival MyTravel instead of opting to purchase First Choice. TUI and First Choice said their combined business would be headquartered and listed in London, and 51% owned by TUI and 49% owned by the shareholders of First Choice. TUI generates about half its revenue from travel and the rest from its container-shipping division. First Choice, Europe’s fourth-largest vacation provider, sells package holidays and independent accommodation and flights.