Princess Merger Update

January 7, 2002
The holiday season behind us, the soap opera of P&O Princess/Royal Caribbean merger -- not to mention Carnival Corp’s attempt to muscle in with a possible hostile takeover of P&O Princess -- begins once again to boil and perk. This time a British regulatory agency has decided to extend its time to consider the merger. While at first glance the move by the United Kingdom’s Office of Fair Trading would appear to indicate the proposed P&O Princess merger with Royal Caribbean is not as done-a-deal as was anticipated, the office quickly retorted this morning that the extra time request means nothing.
Still, one of the major advantages that favored the merger of P&O Princess & Royal Caribbean -- over Carnival’s acquisition of P&O Princess -- at least for shareholders has been the perception that the first deal stood a better chance at regulatory approval.
Stay tuned.