European Union approves TUI's proposed acquisition of CP Ships

Share Name	Share Symbol	Market	Type
	NYSE:TEU	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	0.241				0	01:00:00

CP Ships (NYSE:TEU)
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From May 2019 to May 2024

China review period expires HANOVER, Germany and GATWICK, UK, Oct. 12 /PRNewswire-FirstCall/ -- TUI AG and CP Ships Limited jointly announced today that TUI's proposed acquisition of CP Ships has been cleared by the European Union and that the regulatory review period in China has expired. 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. 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 http://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 http://www.tui.com/ / http://www.hapag-lloyd.com/. Forward looking information This press release contains certain forward-looking information and statements within the meaning of applicable securities laws relating, but not limited, to operations, anticipated or prospective financial performance, results of operations, business prospects and strategies of TUI and CP Ships. Forward-looking information typically contains statements with words such as "consider", "anticipate", "believe", "expect", "plan", "intend", "likely" or similar words suggesting future outcomes or statements regarding an outlook on future changes in volumes, freight rates, costs, achievable cost savings, the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenue, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Although each of TUI and CP Ships believes it has a reasonable basis for making the forecasts or projections included herein, you are cautioned not to place undue reliance on such forward-looking information. By its nature, the forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific that contributes to the possibility that the predictions, forecasts and other forward-looking statements will not occur. These factors include, but are not limited to, changes in business strategies; general global, political and economic and business conditions, including the length and severity of any economic slowdown in the countries and regions where the companies operate, including seasonality, particularly in the United States, Canada, Latin America, Australasia, Asia and Europe; the effects of competition and pricing pressures; changes in freight rates; changes in operational costs; industry over-capacity; changes in demand for container shipping; congestion; availability and cost of chartered ships; changes in laws and regulations, including tax, environmental, employment, competition, anti-terrorism and trade laws; difficulties in achieving cost savings; currency exposures and exchange rate fluctuations, fuel price and interest rate fluctuations; changes in access to capital markets and other sources of financing; various events which could disrupt operations, including war, acts of terrorism, severe weather conditions and external labour unrest, all of which may be beyond TUI or CP Ship's insurance coverage's; compliance with security measures by governmental and industry trade practice groups, the outcome of civil litigation related to CP Ship's restatement of financial results and the impact of any resulting legal judgments, settlements and expenses, and the companies' anticipation of and success in managing the risks associated with the foregoing. The above list of important factors affecting forward-looking information is not exhaustive, and reference should be had to the other risks discussed in filings with securities regulators. TUI and CP Ships undertake no obligation, except as required by law, to update publicly or otherwise revise any forward- looking information, whether as a result of new information, future events or otherwise, or the above list of factors affecting this information. DATASOURCE: CP Ships CONTACT: Media Contacts: Stefanie Rother, TUI AG, t: +49 511 566 1432, ; Klaus Heims, Hapag-Lloyd AG, t: +49 40 3001 2263, ; Ian Blair, Hill & Knowlton (TUI/Hapag-Lloyd), t: (416) 413-4694, m: (416) 522-0717, ; Elizabeth Canna, CP Ships, t: +44 (0)1293 861 921, m: +41 (0)79 691 3764, ; Investor Relations Contacts: Bjorn Beroleit, TUI AG, t: +49 511 566 1310, ; Jeremy Lee, CP Ships, t: (514) 934-5254, m: (514) 502-3112,

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