No regulatory blocks on TUI’s CP Ships takeover

No regulatory blocks on TUI’s CP Ships takeover    All regulatory approvals required by Hapag-Lloyd parent company TUI AG in its proposed takeover of CP Ships have been obtained or waived, TUI and CP Ships confirmed today.
   Hanover-based TUI AG anticipates completing its offer shortly after its expiry Tuesday, provided that at least 66.67 percent of the shares on a fully diluted basis have been deposited to the offer.
   “If at least 90 percent of the outstanding shares are deposited to the offer, TUI expects to acquire the balance of the shares in October, pursuant to the statutory compulsory acquisition provisions contained in the corporate legislation governing CP Ships. If less than 90 percent of the outstanding shares are deposited to the offer, TUI expects to cause CP Ships to hold a shareholder meeting to approve an amalgamation in order for TUI to obtain 100 percent of the shares by Dec. 31,” TUI said.