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Article: Carnival comes from behind to win Princess prize over RCCL. (In the News).(Princess Cruise Lines breaks merger agreement with Royal Caribbean Cruises, merges with Carnival Corp. instead)
- Article from:
- Hot Rod
- Article date:
- November 4, 2002
- Author:
CopyrightCOPYRIGHT 2002 Advanstar Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MIAMI--Just a year after P&O Princess Cruises and Royal Caribbean Cruises Ltd. (RCCL) announced a $3.7 billion merger plan to form the world's largest cruise company, Princess has abruptly changed direction. It's paid RCCL a merger plan break-up fee of $62.5 million and set a new course for a merger with cruise giant Carnival Corp. With the needed regulatory approvals in place, Carnival's $5.4 billion plan is viable, Princess believes.
Based on that assumption, Princess and Carnival last month reconfigured the original Carnival offer to feature a dual-listed company (DLC) structure, something Peter Ratcliffe, P&O Princess Cruises' CEO, wanted. Now Ratcliffe is ...