TUI extends CP Ships offer Regulatory approvals obtained in Canada and the U.S.
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October 7, 2005
TUI AG and CP Ships Limited jointly announced today that TUI has extended its Offer dated August 30, 2005 for 100% of the CP Ships common shares. The Offer is now open for acceptance until 6:00 p.m. (Eastern time) on October 18, 2005, unless further extended or withdrawn.
TUI has extended its Offer in order to allow time for, among other things, the satisfaction of the condition under its Offer relating to the receipt of necessary regulatory approvals. As of October 7, 2005, the original expiry date under the Offer, regulatory approvals have been obtained or waiting periods expired under the Investment Canada Act and competition legislation in Canada and the U.S. Regulatory review periods have not expired yet under competition legislation in the EU and certain other countries in which the companies carry on business.
Except for this extension, the terms and conditions previously set forth in the Offer continue to be applicable in all respects. TUI has mailed a Notice of Extension to all holders of CP Ships shares or of options or rights to acquire CP Ships shares.
TUI anticipates completion of the Offer in October, 2005.
CP Ships shareholders are advised to read the Notice of Extension, the Offer and Circular, the Directors' Circular and related documents which have been filed with the Canadian securities commissions and the United States Securities and Exchange Commission as they contain important information. Shareholders may obtain a copy of the material (when available) at the Canadian SEDAR web site at www.sedar.com and at the SEC's web site at www.sec.gov.
Information on CP Ships
One of the world's leading container shipping companies, CP Ships provides international container transportation services in four key regional markets: TransAtlantic, Australasia, Latin America and Asia. Within these markets CP Ships operates 38 services in 22 trade lanes. At 30th June 2005, CP Ships' vessel fleet was 82 ships and its container fleet 441,000 TEU. Volume in 2004 was 2.3 million TEU.
CP Ships also owns Montreal Gateway Terminals, which operates one of the largest marine container terminal facilities in Canada. CP Ships is listed on the Toronto and New York stock exchanges under the symbol TEU and also in the S&P/TSX 60 Index of top Canadian publicly listed companies. For further information, visit the website at www.cpships.com.
Information on TUI
TUI is the European market leader in tourism and, through its wholly owned subsidiary, Hapag-Lloyd, is a leading player in the global market for container shipping. The tour operators of TUI trade in 17 European countries. In 2004, the Group had around 18 million customers. TUI now includes about 3,290 travel agencies, 120 aircraft, 42 incoming agencies and 285 hotels with approximately 163,000 beds in 28 countries.
TUI provides its customers with holidays from a single source – from booking in a travel agency, flights, accommodation in the Group's own hotels and customer-care provided by the Group's own incoming agencies. This vertical integration strategy covers the whole value chain in the source markets (sales markets) and the destinations (holiday areas) and provides its customers with high standards of quality from start to finish.
Through its wholly owned subsidiary Hapag-Lloyd, TUI operates one of the world's leading container shipping companies and also operates a fleet of four cruise liners.
The container shipping operation, with 57 container ships, specialises in complex, wide-ranging logistics services. The container ships primarily supply the main routes between Europe and Asia, Europe and North America and North America and Asia. Hapag-Lloyd's container shipping operation transported 2.4 million TEU worldwide in the 2004 financial year.
The cruise ship division is the leading “premium and luxury cruise” tour operator in German-speaking countries. The cruise liners including the 5-star-plus “MS Europa” are at home on all the world's oceans. For further information, visit the websites at www.tui-group.com/ www.hapag-lloyd.com.
Forward looking information
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 company assumes no obligation to update future statements.
Investor Relations Contacts:
Bjorn Beroleit, TUI AG
t: +49 511 566 1310
bjoern.beroleit@tui.com