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ARTICLE · 26 JULY 2002

Herbert Smith Keeps Carnival´s Cruises Merger Afloat

Herbert Smith Freehills Kramer LLP
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United KingdomAntitrust/Competition Law
Herbert Smith has been advising its client, Carnival Corporation, on the antitrust and corporate aspects of its $5.5 billion bid for P&O Princess Cruises since its inception in December 2001. On 24 July the European Commission (EC) granted the transaction an unconditional clearance. The approval follows an extended investigation by the EC lasting over six months.

Carnival is the world’s largest cruise holiday company, while P&O is the third largest. The transaction was examined by the EC under the EC Merger Regulation. The EC initially had serious concerns regarding the competition implications of the deal, leading it to open an in-depth "Phase II" enquiry and subsequently to send a detailed "statement of objections" to Carnival. The case involved complex legal and economic issues relating to market definition and market entry.

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