TUI and Carnival Corporation Annul Union

Leading world tour operator, TUI AG, and cruise company, Carnival Corporation, have annulled their cooperation agreement initiated earlier this year.

The two companies originally planned a consortium so as to run and develop existing cruise plan AIDA, and newly acquired TUI cruises.

TUI recently announced the plans for the consortium faced problems with respect to tax and market competition laws in Germany that would not allow the new company to be created in 2007.

The tour operator also announced it will continue its activity in the cruise sector through the company Hapag-Lloyd cruises, which has four cruise ships in the German market. TUI’s sister company TUI Travel also anticipates the management of an additional five cruise ships from the brand Thompson Cruises, which will continue to run from Britain.

Carnival continues its development in the German market with existing brands Costa and Aida. It has also agreed to cooperation with Spanish-based Orizonia Corporacion for the creation of a new brand in the Spanish market.

The new brand is Iberocruceros and is comprised of two Orizonia ships and one Carnival ship. Carnival will own 75 percent and Orizonia 25 percent of the merger.