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Galileo OKs Cendant deal
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August 30, 2001: 12:26 p.m. ET
EU regulators still most clear merger of travel reservation firm with Cendant
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NEW YORK (CNNfn) - Galileo International Inc. shareholders Thursday approved its $2.9 billion purchase by Cendant Corp., which still requires European regulatory approval.
Some 99 percent of shareholders voting at a special meeting tendered their shares for the Cendant-Galileo combination, Galileo said. The travel reservation firm expects to complete the deal in September.
The transaction still awaits approval by European regulators. Earlier this month, the European Commission requested information relating to the relationship of Cendant's Avis unit and Avis Europe PLC, an independent firm that trades on the London Stock Exchange.
The EC has until Sept. 11 to approve the deal, a Galileo spokeswoman said. Cendant could not be reached for comment.
New York-based Cendant (CD: down $0.22 to $19.13, Research, Estimates) owns the Avis rental car and Howard Johnson hotel brands.
In June, Cendant agreed to buy Rosemont, Ill.-based Galileo (GLC: down $0.32 to $30.88, Research, Estimates) for $2.9 billion in cash and stock in a bid to expand into the electronic travel reservation business.
Galileo, a travel reservation firm, has access to more than 500 airlines, 40 car rental companies and 45,000 hotel properties worldwide. The U.S. Justice Department, after allowing the deal to go ahead last month, reopened its investigation to address new concerns raised by rivals. 
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