March 10, 2008
Antitrust approval for Royal Caribbean TUI cruise JV
European antitrust authorities have given the go-ahead for the joint venture cruise line planned by Royal Caribbean Cruises Ltd. and TUI AG.
The approval will enable a new product to be developed for the German premium cruise market.
TUI Cruises will be officially founded by the end of March, with each partner to hold a 50 percent stake in the venture. It will be based in Hamburg. The brand's chief executive will be Richard J. Vogel, who says "TUI Cruises will not only expand the current cruise offering but also provide a real alternative in the premium market."
"We are delighted that the authorities have granted their approval," said Richard D. Fain, chairman and chief executive officer of Royal Caribbean Cruises Ltd. and Dr. Michael Frenzel, chairman and chief executive officer of TUI AG. "Now we can join forces to launch a new, first-class cruise product for the German market."