This January, Carnival and P&O Princess agreed to form a dual listed company in London and New York. This marks the end of an extraordinary takeover battle and is the undisputed cross-border M&A transaction of the year.
When Carnival chairman Micky Arison stood up to address a P&O Princess extraordinary general meeting early in 2002, he knew that his dreams of controlling the British cruise-liner company depended on it. The EGM had been called by P&O so that shareholders could approve a merger the board had agreed with Royal Caribbean, US company Carnival’s closest competitor.
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