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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Fire-stricken Icebreaker Overhauled

SENER concludes the Almirante Irizar icebreaker engineering works for re-outfit and overhaul   SENER reports it has completed the engineering works relating to

Diana to Acquire Two Post-Panamax Containerships

Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated

Intelsat Records $598 mln Q2 Revenue

Satellite services provider Intelsat S.A. has reported total revenue of $598.1 million and net income attributable to Intelsat S.A. of $60.2 million, or $0.47 per common share on a diluted basis,

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators 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: 0.1620 sec (6 req/sec)