News from the world of cruising ~
January 29, 2002
Carnival Corporation:
Royal Caribbean/P&O Princess Deal
Referred to UK Competition Commission
MIAMI and LONDON, Jan. 29 - Carnival notes today's announcement by the UK Secretary of State for Trade and Industry that the proposed Royal Caribbean/P&O Princess deal has been referred to the UK Competition Commission. The Competition Commission is due to make its report by 20 May 2002 although the ultimate decision of the Secretary of State will not be available until some time after that.
Both the Carnival and Royal Caribbean proposals are conditional on the result of antitrust reviews in Europe and the US and these reviews will still be outstanding on 14 February 2002, the date of P&O Princess' EGM. The Secretary of State's decision does not affect the advice that Carnival has received about the prospects for clearance of its Offer by the European Commission. Carnival continues to believe strongly that the interests of P&O Princess Shareholders are best served by delaying the EGM so that any decision on the merits of the competing proposals can be made after the results of the antitrust reviews are known.
Micky Arison, the Chairman and Chief Executive of Carnival, said:
"P&O Princess has claimed that the Royal Caribbean proposal is more deliverable than Carnival's offer on antitrust grounds. P&O Princess' analysis has proven to be wrong and today's decision by the Secretary of State makes P&O Princess' determination not to speak to us totally indefensible.
Carnival has said all along that both transactions are similarly situated from a regulatory standpoint. The logic for postponing the EGM has been reinforced by the Secretary of State's decision today. The P&O Princess board's advice to its shareholders on regulatory issues raises significant questions about its credibility."
(SOURCE Carnival Corporation)
Royal Caribbean Responds to Referral Decision by the Secretary of State For Trade and Industry
LONDON, Jan. 29 - Royal Caribbean Cruises Ltd was notified today of the decision by the Secretary of State for Trade and Industry to refer its proposed merger with P&O Princess to the Competition Commission for further review. Royal Caribbean believes strongly that the proposed merger will deliver significant consumer benefits, as well as shareholder value.
Richard Fain, Chairman and Chief Executive of Royal Caribbean, said: "We have never taken regulatory approval for granted. This referral in no way detracts from our determination to complete the merger on the agreed timetable.''
Goldman Sachs International and Cazenove & Co. Ltd, which are regulated in the United Kingdom by the Financial Services Authority Limited, are acting for Royal Caribbean in connection with the agreed combination and no-one else and will not be responsible to anyone other than Royal Caribbean for providing the protections afforded to customers of Goldman Sachs International and Cazenove & Co. Ltd nor for providing advice in relation to the agreed combination.
(SOURCE Royal Caribbean Cruises Ltd.)
P&O Princess Cruises Statement Reference
to the Competition Commission
29 January 2002 - P&O Princess Cruises plc ("P&O Princess") notes today's announcement by the Secretary of State for Trade and Industry concerning her reference of the agreed combination with Royal Caribbean Cruises Ltd. ("Royal Caribbean") to the Competition Commission.
The substantive facts and competition issues relating to the combination will now be reviewed by the Competition Commission, with their review due to be completed by 20th May, 2002. P&O Princess remains confident that the combination with Royal Caribbean will receive clearance following the Competition Commission's review.
The timetable for approval by P&O Princess shareholders of the proposed transaction with Royal Caribbean remains unchanged with the EGM due to be held on 14 February 2002.
Peter Ratcliffe, Chief Executive Officer of P&O Princess said: "Notwithstanding this reference, we are confident that we will receive clearance once the Competition Commission has fully reviewed the substantive facts and issues surrounding our combination with Royal Caribbean."
(SOURCE P&O Princess)
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