TUI AG and CP Ships Limited jointly
announced that TUI's proposed acquisition of CP Ships has been cleared by the European Union
and that the regulatory review period in China
Regulatory approvals under competition legislation in certain other countries in which the companies carry on business are pending.
The EU approval granted by the European Commission's competition directorate, is contingent upon the withdrawal by TUI's Hapag-Lloyd from two agreements, the Transatlantic Conference Agreement (TACA) and the US South Europe Conference (USSEC). TUI intends to combine Hapag-Lloyd and CP Ships to create the world's fifth-largest container shipping company. TUI anticipates completion of its offer in October, 2005.