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Airtours / First Choice- Court quashes EC takeover ruling

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Airtours / First Choice- Court quashes EC takeover ruling

Old 6th Jun 2002, 13:31
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Cool Airtours / First Choice- Court quashes EC takeover ruling

LUXEMBOURG (CNN) The European Union's highest court clipped the wings of the European Commission, quashing its decision to block a merger dating back to 1999.

The ruling may rein in the power of the European Commission, the executive arm of the 15-nation European Union, to block future deals.

In a 67-page decision the European Court of First Instance, the lower branch of the European Court of Justice, said the commission's decision was taken "without proving that it would actually have an adverse effect on competition."

Britain's Airtours, now called MyTravel, had bid 850 million ($1.3 billion) for smaller rival First Choice in 1999 but the commission said the deal would undermine competition in the UK tour operating market.
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Old 6th Jun 2002, 14:07
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just a shame that they cant afford it now like they could back then

However what price FC/TUI ...???
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Old 6th Jun 2002, 16:50
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They might be able to afford it, once they have received their compensation from the EEC.
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Old 6th Jun 2002, 18:03
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Not after they've had their bill from Linklaters!!
Cheers
mcdhu
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Old 8th Jun 2002, 01:18
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My bet is that First Choice and MYT are already involved in merger talks. They need to get together to fight off Preussag and TUI. An agreed merger must be on the cards. Place your bets!
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