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TUI extends CP Ships Offer
8 October 2005gulatory approvals obtained in Canada and the U.S.
HANOVER, Germany and GATWICK, UK, Oct. 7 /PRNewswire-FirstCall/ - TUI AG
and CP Ships Limited jointly announced today that TUI has extended its Offer
dated August 30, 2005 for 100 per cent 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2005, unless further extended or withdrawn.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 http://www.sedar.com and at the SEC's web site at
http://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 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/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.
Source: PR Newswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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