Carnival Gives RCCL A Run For Its Money

Thursday, December 20, 2001
Exactly one month to the day that P&O Princess and Royal Caribbean Cruise Lines announced that they would merge to form a $6 billion cruise corporation, Micky Arison's powerhouse Carnival Corp. approached P&O with a $4.59 billion proposal. As reported in today's Wall Street Journal, P&O Princess, which initially rejected Carnival's offer, has now reconsidered and is currently weighing all its options of a possible merger with the "world's largest cruise line," - quite possibly leaving Royal Caribbean hanging out to dry.

Despite these new developments, Royal Caribbean still stands firmly on its initial agreement with P&O Princess, according to Richard Fain, RCCL's chairman and CEO. Fain, who doesn't seem to be losoing sleep over Princess' decision to postpone its key shareholder meeting, released a statement confirming his staunch beliefs of RCP Lines: "Royal Caribbean supports P&O Princess' decision to postpone their EGM, in order to give shareholders time to fully consider their alternatives. I am convinced that the merger we have with P&O Princess will provide both sets of shareholders the greatest long term value going forward, and the P&O Princess shareholders will recognize that the transaction with Royal Caribbean is superior in all respects to the takeover proposal from Carnival."

Originally, a possible merger between Princess and Carnival was considered out of the question by the line's CEO, Peter Ratcliffe, because of anti-trust issues that could arise. It seems however though, that Ratcliffe and P&O may have a change of heart - that is if Arison makes them an offer they can't refuse.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Kounalakis Joins OW Bunker N. America

OW Bunker, a reseller and physical supplier of marine fuels, announced the appointment of Georgia Kounalakis to its physical supply operation in North America.

HII Appoints Brenton as Corporate Director

Huntington Ingalls Industries (HII) announced today that Capt. Kevin Brenton (U.S. Navy, Ret.) has joined the company as corporate director of customer affairs for submarine programs.

Louisiana to Get Natural Gas Liquefaction and Fueling Facility

Tenaska Bayou LNG expected to meet growing marine, transportation and oil and gas exploration and production demand on the Gulf Coast Tenaska NG Fuels, LLC and Waller Marine, Inc.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Winch
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: 0.1847 sec (5 req/sec)