Royal Caribbean Acknowledges P&O Merger with Carnival

Friday, October 25, 2002
Royal Caribbean Cruises Ltd. today noted the decision announced earlier by the Board of P&O Princess Cruises, withdrawing its recommendation of the merger agreed between the two companies in November 2001. Richard Fain, chairman and chief executive of Royal Caribbean, said: "Clearly, we regret that the Board of P & O Princess is taking this action. We remain today as convinced as ever that the pairing of our two companies would be a great partnership and a great business. Ultimately, it is the shareholders of P & O Princess who must decide what is best for their company." As stipulated under the terms of the merger, the implementation agreement of November 2001 has now been terminated and P & O Princess has accordingly paid Royal Caribbean the agreed break fee of $62.5 million. Both companies have also executed mutual releases and the joint venture between them, also agreed upon last November, will be terminated on January 1st 2003, provided that there has been no change of control of either company prior to that date.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

US Navy Awards $22mln Waterfront Inspection Deal

The U.S. Navy has awarded a five-year, $22 million contract to Appledore Marine Engineering, a specialist focusing exclusively on the inspection and design of marine infrastructure,

Keppel Delivers Jackup to UMW-OG

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered UMW Naga 8, a KFELS B Class jackup rig, to Malaysia’s UMW Oil & Gas Corporation Berhad (UMW-OG).

Rolls-Royce to Design, Equip Canadian Stern Trawler

The shipbuilding company VARD Group AS in Norway has received an order from a Canadian company for a shrimp stern trawler to be designed and equipped by Rolls-Royce,

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators 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: 0.3435 sec (3 req/sec)