THE EUROPEAN Union has cleared TUI’s proposed acquisition of CP Ships and 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 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.
