Carnival Purchases Remainder Of Cunard

Friday, October 22, 1999
Carnival Corp. has exercised its option to purchase the remaining 32 percent minority interest in Cunard Line Ltd. in a deal worth about $205 million. Carnival acquired a 68 percent interest in Cunard Line Ltd. in May 1998. With the purchase of the 32 percent minority interest, Carnival will own 100 percent of Cunard. Under its option, Carnival said it has the right to purchase the minority interest for shares of Carnival common stock. In exercising its option, Carnival also offered the minority shareholders a cash alternative of $39.50 per Carnival share. Cunard Line Ltd. owns two luxury cruise lines - Cunard Line and Seabourn Cruise Line, which together operate eight luxury ships, including the world-renowned Queen Elizabeth 2. According to Carnival Corp. Chairman and CEO Micky Arison, the purchase of the remaining 32 percent of Cunard is being made in anticipation of the future expansion of the brand. "Considering the strength of the Cunard brand and its plans to build the largest ocean liner in the world to complement the Queen Elizabeth 2, it simply makes sense for Carnival to own 100 percent of Cunard," Arison said. - (Reuters)
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Piraeus Port Posts Flat Profit, Sales Dip

Greece's Piraeus Port (OLP) , the largest in the country, said its first-half net profit was almost unchanged from the same year-ago period, while sales fell. Piraeus Port,

Smart-Ship 'Quantum of the Seas' Readies

Tech-savvy modern travelers will be wowed by Royal Caribbean International's newest ship, 'Quantum of the Seas', which incorporates unprecedented levels of technology

Queensland Turns Down Cruise Terminal Request

Australia's Queensland government has backed away from controversial plans to allow a cruise ship terminal to be built on state-owned land on the Gold Coast, according to the 'Brisbane Times'.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1240 sec (8 req/sec)