Following a meeting with the Competition Case Team of the European Commission on 3 May 2007 at which the issue of potential dominance post merger in the Republic of Ireland was raised, TUI AG and First Choice Holidays PLC have agreed to consider specific undertakings to address this issue including the potential sale of one of their Irish businesses.
As a result of the need for the European Commission to consider these undertakings, the Phase I investigation will now be extended by 10 working days. We, therefore, expect that their decision on whether to clear the proposed merger at Phase I or extend it into a Phase II investigation will be announced on or before 4 June 2007. TUI AG and First Choice remain confident that the proposed merger will be cleared by the European Commission.
If we comment on forecasts or expectations in this announcement or if our statements relate to the future, these statements may be associated with known and unknown risks and uncertainties. Actual outcomes and developments may, therefore, deviate significantly from the expressed expectations and assumptions. In addition, the performance of financial markets and exchange rates as well as national and international law amendments, particularly with regard to tax regulations, may have an influence. Except as provided by law, the com-pany assumes no obligation to update future statements.