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Carnival hots up battle with P&O
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Carnival has raised the stakes in its hostile bid to buy out P&O Princess, claiming the deal would save P&O $100m a year.
The announcement is likely to put P&O shareholders under pressure to back Carnival's takeover bid, strongly resisted by P&O management. Shareholders are due to vote on the proposed merger with Royal Carribean on 14 February.
Earlier this week P&O rebuked a $3.5bn takeover offer form Carnival which was 12.5 per cent up from its original bid late last year.
Carnival has raised the stakes in its hostile bid to buy out P&O Princess, claiming the deal would save P&O $100m a year.
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