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TUI and Carnival ditch joint cruise plan
TUI AG and Carnival Corporation have abandoned plans to create a joint venture cruise brand.
“Reason for the withdrawal is the extremely difficult environment with regards to competitive law making it impossible to close the transaction in Carnival’s current business year,” a statement said.
“Failure to do so would create adverse tax consequences for the companies and would have a severe impact on the economies of the transaction.
“TUI and Carnival have, therefore, decided not to implement the joint venture in the proposed form.”
Carnival said that “as a result of the regulatory and tax issues Carnival and TUI have agreed not to proceed with the proposed joint venture but will continue to explore other opportunities.
“Carnival will continue to grow its presence in Germany organically through new ship construction for its successful AIDA and Costa brands, as well as through Cunard Line whose Queen Mary 2 will operate a series of transatlantic crossings from Hamburg in 2008.”
TUI AG will stick to its plans to expand its own cruise activities, mainly within the framework of Hapag-Lloyd Cruises, which operates four ships.
TUI’s UK subsidiary TUI Travel also operates five ships under the Thomson Cruises brand as well as two under the Island Cruises brand following the merger with First Choice.
*See linked story.
by Phil Davies
Phil Davies
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