Update on proposed Merger of TUI Travel and First Choice Holidays PLC
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London/Hanover, May 04, 2007
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.
For further information please contact:
Björn Beroleit, phone +49 511 566-1310
Nicola Gehrt, phone +49 511 566-1435
Björn Beroleit, phone +49 511 566-1310
Nicola Gehrt, phone +49 511 566-1435