Business Wars Cruise Ship Wars | Mayday | 4
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Jul 24, 2024 The battle between Carnival and Royal Caribbean heats up as they vie for Princess Cruises, a move that could redefine the cruise industry. Tensions rise during a heated shareholder meeting, and the infamous 'poop cruise' adds a twist to Carnival's challenges. As the pandemic hits, the cruise industry faces unprecedented obstacles, with the Diamond Princess outbreak highlighting vulnerabilities. Despite setbacks, a cautious optimism emerges as leaders anticipate a rebound in 2024.
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Carnival's Acquisition of Princess Cruises
- In 2002, Carnival CEO Mickey Arison fought to acquire Princess Cruises, outmaneuvering Royal Caribbean's CEO Richard Fain.
- Arison convinced Princess shareholders to delay a vote, allowing Carnival to make a higher bid and win.
Cruise Industry Consolidation
- Carnival and Royal Caribbean, two cruise giants, battled for industry dominance through acquisitions.
- Winning Princess Cruises meant achieving a near-monopoly, but unforeseen challenges loomed.
Shareholder Meeting Drama
- At a shareholder meeting, Arison faced hostility from private Princess shareholders who preferred a British owner.
- Despite this, Carnival's persistence paid off, securing the deal and gaining control of over 50% of the cruise market.
