Pacific and Oriental Princess Cruises has said that its planned merger with Royal Caribbean...
P&O Princess Cruises has said that its planned merger with Royal Caribbean Cruises looked an even better deal now than it did when they agreed to merge last November.
The Chief Executive Peter Ratcliffe told reporters today that stronger than expected first quarter results did not mean that P&O Princess had sold itself short in the nil premium merger, which is being challenged by a hostile bid from Carnival.
?If anything, the deal we struck post the September 11th period looks even more favourable than it did at the time,? he said.
The cruise industry as a whole was recovering and because of its higher level of financial gearing Royal Caribbean's profits will revive faster than its rivals, Ratcliffe said.
The competing deals for P&O Princess are currently being examined by regulators in Europe and the United States, with a decision expected in early autumn.