Carnival shareholders okay P&O Princess buyout

U.S. giant Carnival Corp. said its shareholders have approved the acquisition of British enterprise P&O Princess for $5 billion to clinch the berth as the world’s largest cruise company.

Miami-based Carnival said in a brief press release that the stockholders of P&O Princess –a cruise company famous for its “love boats”- are planning to hold a meeting Wednesday in London to officially announce the transaction.

If the British company’s shareholders give the green light to the buyout, then P&O Princess will be bargained at the London Stock Exchange under the name of Carnival Pic, while transactions of their American depositary shares will tee off April 22 at the NYSE.

Carnival president and CEO Mickey Arison, said the company was very pleased the proposed transaction finally got the nod, a move that will send share prices soaring for both companies’ stockholders.

Back in December 2001, Carnival had made known a public acquisition offer to buy out all the shares of P&O Princess, a cruise company that operates worldwide with such trademarks as Princess Cruise, P&O Cruises, Swan Hellenic, Aida Cruises, Seetours and A´ Rosa.

Carnival, for its part, is an international operator of brands like Carnival Cruise Lines, Holland America Line, Costa Cruises, Cunard Line, Seabourn Cruise Line and Windstar Cruises.