Press Release: Royal Caribbean Cruises Ltd
August 1, 2002
MIAMI, FL -- Royal Caribbean Cruises Ltd (NYSE: RCL, OSE: RCL) has noted the publication yesterday morning of a
letter from Carnival Corporation to P&O Princess Cruises (POPC) requesting a meeting, and of the reply from
POPC declining that request.
Royal Caribbean remains firmly committed to the consummation of its agreed merger with POPC and is working hard
to obtain a clearance for the merger from US anti-trust regulators. It is Royal Caribbean's conviction that the
prospective consequences of the merger and of Carnival's hostile bid for the future of competition in the US market
are fundamentally different -- and that on this basis the regulators will be justified in taking opposite views
of the two transactions in their findings.
Richard D. Fain, chairman and chief executive of Royal Caribbean, said: "Carnival continues to push for a
self-serving definition of the market because it happens to be the only way they can get their deal approved. By
Carnival's logic, there could be a single cruise line in the world without causing harm to the consumer. We respectfully
decline to accept that 'logic'. Royal Caribbean sees no reason why it should endorse views which it considers to
be inaccurate, particularly in light of the fact that no regulatory authority, including the European Commission,
has adopted Carnival's position."
SOURCE: Royal Caribbean Cruises Ltd