Tourism Giant TUI Discussing Tie-up

Europe's leading tourism operator, TUI of Germany, said Friday it was holding talks with Canadian shipping company CP Ships on a possible tie-up. "TUI and Hapag-Lloyd (its maritime transportation subsidiary) are regularly in talks with other container shipping companies, including CP Ships. Whether these talks will lead to alliances or transactions in the near future or at any other point in time is undecided." The Wall Street Journal earlier reported that TUI was close to a deal to buy CP Ships, a London-based spinoff from the former Canadian Pacific Limited, for 1.5 billion euros ($1.84 billion). A bid by TUI would likely trigger a lively reaction from other potential buyers, notably China Shipping Group and CMA CGM of France.