Princess bid the subject of second inquiry
P&O Princess and Carnival Cruises have been asked to present their proposed merger for a second scrutiny by competition regulators.
The European Commission is requesting a second enquiry because it says the terms of the bid have changed, with Carnival now proposing forming a dual-listed company, rather than the original offer of an all-share takeover.
Industry experts say that the Commission is unlikely to prevent the deal. But it could result in strategic moves from Royal Caribbean Crusie Lines, which battled with Carnival for P&O Princess for over a year.
The Commission U-turned on an earlier decision last July, and cleared the bid between Princess and Carnival.
Carnival and Princess shareholders are yet to vote on the deal.
Read our previous stories:
03-Dec-2002 Princess a step closer to Carnival deal
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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