First Choice, TUI say EC decision on merger postponed by 10 days to June 4 |
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Published
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Fri, 04 May 2007 07:39
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LONDON (Thomson Financial) - First Choice Holidays PLC and TUI AG said the European Commission's Phase 1 investigation into their proposed merger has been extended by 10 working days to allow the commission to consider undertakings by the companies to address the issue of potential dominance in the Irish market post merger.First Choice and TUI have agreed to consider specific undertakings to address the issue including the potential sale of one of their Irish businesses.The move follows a meeting between the companies and the EC's Competition Case Team on May 3.'We, therefore, expect that their decision on whether to clear the proposedmerger at Phase I or extend it into a Phase II investigation will be announcedon or before June 4,' First Choice said in a statment.The companies say they are main confident' that the proposed merger will be cleared.tf.TFN-Europe_newsdesk@thomson.commsc/slmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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EU inquiry deadline into TUI tourism unit merger with First Choice May 16 UPDATE 