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Kuoni increases control of Popularis

The country's largest travel and tourism group, Kuoni, has bought the Co-op's 34 per cent stake in the travel agency, Popularis, to increase its stake to practically 100 per cent.

In a statement, Kuoni said Popularis would now concentrate on being a travel retail company and move its headquarters to Zurich from Berne.

The company will discontinue its own tour production business under the Co-op extra Reisen brand name as of the end of the year.

Co-op said it was selling its stake as part of a continuing strategy to concentrate on its core businesses.

Financial details of the transaction were not disclosed.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR