P&O and Festival Deal Off

P&O has terminated its acquisition of Festival Cruises.

The two companies issued a joint announcement that they mutually agreed not to pursue their proposal for joining forces in light of the low valuations of cruise companies arising from the current stock market perception in the U.S.

In other words, P&O cannot afford to pay $700 million for Festival based on the anticipated evaluation of its own stock pending its listing in the U.S.

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