Carnival to Sell Stake in Airtours
Carnival Corp., the world’s largest cruise operator, plans to sell its 25% stake in Airtours, Britain’s second-biggest travel company.
Carnival, which bought a 29.5% stake in Airtours in 1996 for about $300 million, will sell 123.3 million shares and expects to post a gain in its fiscal third quarter, the company said. The stake is valued at about $517 million.
The Miami-based company expects the sale to reduce earnings for the second half of the fiscal year by 7 cents to 8 cents a share, excluding the gain. Carnival shares rose 41 cents to close at $29.52 on the New York Stock Exchange.
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