Carnival to Acquire P&O; Princess Cruises
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Carnival Corp. agreed to buy P&O; Princess Cruises Ltd. for $7.3 billion in stock and assumed debt, extending its lead as the largest cruise line operator and capping an almost yearlong, three-way battle for the British company.
In buying P&O; Princess, Miami-based Carnival tops hometown rival Royal Caribbean Cruises Ltd., the No. 2 cruise line company, gaining more ships offering mid-priced vacations to complement its lower-end Carnival Cruise ships and upscale Holland America line.
Shares of Carnival rose $1.67 to $27.33 on the New York Stock Exchange.
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