Royal Caribbean Welcomes Merger Clearance from FTC

Monday, October 07, 2002
Royal Caribbean Cruises Ltd. welcomes the decision by the Federal Trade Commission not to object on anti-trust grounds to its plans to merge with P&O Princess Cruises, while noting with regret that the Commission had reached the same decision in respect of the hostile bid for P&O Princess by Carnival Corporation. Royal Caribbean also noted the statement by P&O Princess's Board in the wake of the FTC's announcement, including the Board's re-affirmation that it continues to recommend to its shareholders that they should approve the proposed DLC merger with Royal Caribbean. Richard Fain, chairman and chief executive of Royal Caribbean, said: "We have no doubt that our agreed merger represents a compelling opportunity to create significant value for both P&O Princess shareholders and Royal Caribbean shareholders. Our merger plan offers both our shareholders the best deal for the future."
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