Carnival refuses to give up fight for P&O Princess

Wednesday, 15 Jan, 2002 0

Carnival has urged P&O Princess shareholders to vote for an adjournment at next month’s meeting on the proposed merger with Royal Caribbean Cruises.

The world’s biggest cruise operator is refusing to back down on its fight for P&O Princess, despite having its $3.2billion offer turned down by the P&O Board. P&O chief executive Peter Ratcliffe has given Carnival until Friday to increase its offer. Carnival has indicated it might be willing to do so if it obtains more details about the financial penalties for scuppering the proposed tie up with Royal Caribbean Cruises.

Carnival said it found it “astonishing” that P&O Princess should say the deal is not as favourable financially as a Royal Caribbean tie up when it is offering 450 pence per share.

And Carnival said that claims by P&O that the regulatory authorities would be more likely to allow a tie-up between the number two and number three cruise operators than Carnival and P&O Princess were “unsupportable and disingenuous.”

Carnival chief executive Micky Arison said: “Our offer is already at a 31% premium to the Royal Caribbean proposal. We believe that P&O Princess shareholders should to the choice of running both proposals side by side until after the regulatory process is complete. Shareholders can ensure this happens by adjourning the EGM on 14 February 2002 and we strongly encourage them to do so.”

He added: “Shareholders have everything to gain and nothing to lose by adjourning the EGM.”

See our previous stories:

17 Dec 2001 P&O Princess rejects Carnival offer

20 Nov 2001 P&O Princess and Royal Caribbean Cruises to merge

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