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EC set to approve Carnival bid for P&O Princess
P&O Princess Cruises announces its second quarter results tomorrow (July 24).
But the results are likely be overshadowed by an announcement from the European Commission, also expected tomorrow, that it will approve the $5.5billion Carnival offer for the cruise operator. P&O had been hoping to merge with Carnival rival Royal Caribbean Cruises, a deal which its bosses still favour.
The European competition authority had previously seemed certain to block the Carnival bid, but appears to have changed its mind as a result of the recent First Choice/ Airtours ruling by the European Court of Justice. The Court ruled that the Commission had been wrong the block the merger between the two vertically integrated travel firms.
See our previous stories:
07 Jun 2002: EC “was wrong” to block Airtours/ First Choice merger
18 Feb 2002: Carnival delight at P&O Princess vote delay
12 Feb 2002: Carnival piles pressure on P&O Princess
25 Jan 2002: Carnival gets personal in P&O Princess fight
22 Jan 2002: P&O Princess rejects improved Carnival offer
18 Jan 2002: Carnival increases bid for P&O Princess
15 Jan 2002: Carnival refuses to give up fight for P&O Princess
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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