News

P&O PRINCESS Cruises has rejected a takeover bid from Carnival in favour of an alternative deal from Royal Caribbean.

The Carnival bid, reported to be worth £3.2 billion, has been turned down because the board does not believe it offers shareholders the most favourable financial terms.

P&O Princess Cruises hopes to persevere with the Royal Caribbean deal, announced last month, which would see the two companies merge. If the deal goes ahead it will create the largest fleet of cruise ships in the world (Travel Weekly December 3).