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November 25, 2009

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Merger of cruise operators illustrates industry problems

Tuesday, Nov. 20, 2001 | 9:55 a.m.

LONDON -- P&O Princess Cruises PLC is merging with Miami-based Royal Caribbean Ltd. in a deal worth about $3 billion that creates the world's largest cruise ship company in an industry hurt by the Sept. 11 terrorist attacks.

London-based Princess said today the combined company would have 41 ships and 75,000 berths, topping Miami-based Carnival Cruise Lines.

The British company will own 50.7 percent of the new group, with Royal Caribbean taking 49.3 percent. The combined company, which will be based in Miami, would be worth about $6 billion.

The deal comes at a difficult time for the cruise industry, which was already slumping before the Sept. 11 attacks made it lose millions of dollars more. Fears about traveling have kept many passengers home, and boosting security has been costly.

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