Princess a step closer to Carnival deal
P&O Princess Cruises has terminated a joint venture with Royal Caribbean, satisfying one of the pre-conditions of the proposed deal with Carnival Cruise Lines.
The second condition is the recommendation by the Princess board of the dual-listed agreement with Carnival to the Princess shareholders. The deadline is 10 January.
The joint venture between Princess and Royal Caribbean was part of an agreement formed between the two cruise operators, which was expected to lead to a merger. But, in October the Princess board u-turned to favour a merger with Miami-based Carnival. Completion is expected in the first quarter of this year.
Read our previous stories:
25-Oct-2002 Royal Caribbean loses Princess deal
07-Oct-2002 Princess opens talks with Carnival
20-Aug-2002 Princess acquires Renaissance ships
25-July-2002 Profits up at P&O Princess
25-July-2002 Royal Caribbean ‘disappointed’ by EC ruling
23-July-2002 EC set to approve Carnival bid for P&O Princess
18-Feb-2002 Carnival delight at P&O Princess vote delay
12-Feb-2002 Carnival piles pressure on P&O Princess
25-Jan-2002 Carnival gets personal in P&O Princess fight
22-Jan-2002: P&O Princess rejects improved Carnival offer
18-Jan-2002 Carnival increases bid for P&O Princess
15-Jan-2002 Carnival refuses to give up fight for P&O Princess
17-Dec-2001 P&O Princess rejects Carnival offer
20-Nov-2001 P&O Princess and Royal Caribbean Cruises to merge
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