Cruise Line Merger Bids Win FTC OK
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P&O; Princess Cruises said Carnival Corp.’s hostile $4.1-billion bid is now more attractive than a proposed merger with Royal Caribbean Cruises Ltd. after both transactions were cleared earlier in the day by U.S. antitrust enforcers.
The announcement came after the Federal Trade Commission said it had cleared both proposed combinations on a 3-2 vote. Either deal would combine two of the world’s top three cruise lines. Carnival is the largest operator in the U.S. and Europe, and Royal Caribbean is No. 2 in the U.S.
Princess agreed to combine with Royal Caribbean in November, offering to pay $7.4 billion for the Miami-based cruise line. Carnival, also based in Miami, made a hostile offer for Princess in December.
Carnival dropped 45 cents to $23.68, Royal Caribbean fell 18 cents to $15.87 and Princess slipped 76 cents to $27.09,all on the New York Stock Exchange.
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