TUI and Carnival announce joint venture plans – 15 Dec 2006

The existing AIDA Cruises, a Carnival brand, and a new TUI Cruises brand will target different segments of the German cruise market, according to a statement released today.

Chairman and chief executive of Costa Cruises Pier Luigi Foschi will manage the joint venture of which TUI will purchase 5% next year and aa further 20% in 2010. The proposal values AIDA at €1.9 billion including €600,000 of debt.