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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Allcargo Groups Subsidiaries as ECU Worldwide

ECU Line, Econocaribe and China Consolidators undergoes rebranding to build a Global Brand Connect   India’s integrated logistics solution provider Allcargo Logistics

Damen Opens US Office

Damen Shipyards Group has announced the opening of a new branch office in Houston, Texas. This expansion, under the name of Damen North America, meets the increasing

French PM: Aussie Subs to be built in Australia

French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the

 
 
Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0877 sec (11 req/sec)