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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