Royal Caribbean loses Princess deal
The P&O Princess board has withdrawn it’s recommendation for a merger with Royal Caribbean in favour of Carnival’s bid.
Carnival is now in a position to propose a dual-listed company with P&O Princess worth £3.5 billion. Until recently, P&O Princess had refused talks with Carnival, favouring the Royal Caribbean bid. Once the Carnival bid received US regulatory approval in October, Princess opened talks with the Miami-based cruise line.
Royal Caribbean chairman and chief executive Richard Fain, said: “Clearly, we regret that the Board of P&O Princess is taking this action. We remain today as convinced as ever that the pairing of our two companies would be a great partnership and a great business. Ultimately, it is the shareholders of P&O Princess who must decide what is best for their company.”
P&O Princess has paid Royal Caribbean the agreed break fee of $62.5 million. FT.com reported that Carnival said the earliest date it expected Princess to recommend the deal would be January 2003, with completion happening in the first quarter of 2003.
Read our previous stories:
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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