P&O Acquires Rival Cruise Operator Festival

Thursday, May 11, 2000
P&O's ongoing return to its maritime roots continued Thursday with the acquisition of European cruise firm Festival in a deal worth up to $400 million. Peninsular and Oriental Steam Navigation Co. chairman Jeffrey Sterling said privately held Festival is a dynamic business with a strong brand name and reputation.

P&O said Festival would be developed as an independent brand and would continue to be run by current CEO George Poulides.

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