P&O Princess rejects Carnival approach

?UK cruiseline P&O Princess has rejected a $5bn takeover bid from rival Carnival Corp, insisting it would press on with its plan to merge with Royal Caribbean. P&O Princess ceo Peter Ratcliffe said the company would not consider any further offer from Carnival before an extraordinary shareholders meeting on February 14.
The proposed merger between P&O Princess and Royal Caribbean, worth $6bn, would create the world?s largest cruise operator. Ratcliffe said that by talking to Carnival Corp, P&O "would risk losing the deal with Royal Caribbean-we would be losing a firm, irrevocable deal in return for an offer that offers no commitment and less value."
LVMH-owned Starboard Cruise Services runs the duty-free concessions onboard Royal Caribbean. The operator, managed by DFS Group, could play a central role in the merged cruiseline?s retail activities.