P&O Vote Approaches

February 13, 2002
While no verdict will be official until tomorrow -- P&O Princess' long-scheduled shareholders meeting to vote on the merger with Royal Caribbean -- the tide may be turning for spoiler Carnival Corp. According to a London-based Associated Press writer, "P&O Princess faces a possible mutiny Thursday when it asks shareholders to approve a friendly merger that would create a new world leader in the cruise ship business." Industry analysts are also saying they anticipate shareholders will vote to postpone the vote -- for Royal Caribbean. Such a delay, may, according to the folks at Royal Caribbean, completely derail the merger effort. Carnival is seeking a delay to give it time to woo P&O Princess shareholders onto its side. In the meantime, no deal is official without regulatory approvals, hurdles of which can only be jumped after an agreement is approved by shareholders. Stay tuned; we'll provide updates tomorrow.