EU Clears Carnival / P&O Princess Bid

Wednesday, July 24, 2002
The European Commission in Brussels announced the clearance of the proposed combination of P&O Princess and Carnival. The EC's decision concludes that the proposed concentration would not lead to the creation of dominant positions which might impede effective competition in any European markets. The decision reflects the ease with which new operators can enter into or expand cruise operations and the rapid growth of the UK and German markets forecast for the coming years. "We are obviously very pleased with the conclusions reached by the European Commission," said Micky Arison, Chairman and Chief Executive of Carnival. "The Commission undertook an in-depth review of the proposed transaction, hearing arguments from all parties. While the process was nerve-racking at times, the Commission's thorough analysis of the large amount of material and submissions resulted in the right outcome. This decision is consistent with the national competition authorities' views reached in Germany and the U.K. on the proposed P&O Princess/Royal Caribbean combination. We hope that in light of our clearance in Europe, P&O Princess will now meet with us as soon as possible. We clearly have the superior financial proposal and today's news confirms what we have indicated all along: that both transactions are similarly situated and equally deliverable from a regulatory perspective." Both combinations also remain under review by the Federal Trade Commission in the US. A decision is expected for both transactions on a similar timetable, which Carnival believes will not be before mid-September. Terms used in this announcement have the same meaning as in the announcement dated February 7, 2002.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Confidence Low in Shipping Idustry

Confidence levels in the global shipping market have fallen to a seven-year low as a glut of cargo ships, weak freight rates and excess liquidity continue to batter the industry,

TUI Cruises Orders 2 More Ships from Meyer Turku

Meyer Turku to build Mein Schiff 7 and 8 for TUI Cruises  TUI Cruises GmbH and Meyer Turku Oy signed an agreement for the construction of two new cruise ships,

Transnet Awards Bid for Cape Town Cruise Terminal

Transnet National Ports Authority awarded the V&A Waterfront (Pty) Ltd the status of Preferred Bidder for the development of a cruise terminal at the Port of Cape Town, Transnet said on Tuesday.

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1159 sec (9 req/sec)