Summary
This 8-K filing by Royal Caribbean Cruises Ltd. (RCL) on July 1, 2002, primarily announces a significant regulatory milestone for its proposed merger with P&O Princess Cruises. The company expresses delight at the UK Competition Commission's clearance of the merger, stating it has met all European regulatory requirements. This clearance is highlighted as a key differentiator from a competing, hostile bid by Carnival Corporation for P&O Princess, which is facing more intense scrutiny and potential asset divestitures.
Key Highlights
- 1Royal Caribbean's proposed merger with P&O Princess Cruises has received clearance from the UK Competition Commission.
- 2The company believes all European regulatory hurdles for the merger have now been cleared.
- 3The UK Competition Commission found that the merger would not be against the public interest and that Royal Caribbean and P&O Princess operate as complementary businesses in the UK.
- 4Royal Caribbean contrasts its regulatory progress with Carnival Corporation's hostile bid for P&O Princess, which is facing significant regulatory challenges.
- 5The company is cooperating with the ongoing investigation by the US Federal Trade Commission (FTC) into the merger.
- 6The merger had previously been cleared by German competition authorities in January 2002.
- 7No other European national competition authorities are expected to review the transaction, nor does it trigger EU competition authority review.