FORM 6-K
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
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PURSUANT TO RULES 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of June, 2002
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ROYAL CARIBBEAN CRUISES LTD.
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1050 Caribbean Way, Miami, Florida 33132
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(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F x Form 40-F
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[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.]
Yes No x
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[If "Yes" is marked indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_____.]
For Immediate Release Wednesday 19th June 2002
Royal Caribbean Cruises Ltd. ("Royal Caribbean")
Royal Caribbean Welcomes Clearance For P&O Merger
Royal Caribbean Cruises Ltd. today welcomed publication of a report by the UK
Competition Commission into its proposed merger with P & O Princess Cruises, and
the announcement by the UK Competition Minister that she has accepted its
findings that the merger would not be against the public interest.
Richard Fain, chairman and chief executive of Royal Caribbean, said: "Naturally
we are delighted with this decision. It means that our agreed merger has now
cleared all regulatory hurdles in Europe.
"We have been able to satisfy the UK Commission that our merger will not pose
any problems from a competition viewpoint. This is true regardless of market
definition - and we note the Commission has explicitly concluded that it
therefore did not need to rule on the appropriateness of one definition or
another.
"We welcome the Commission's findings that Royal Caribbean and P & O Princess
operate in the UK as essentially complementary businesses - one offering a
US-oriented product, the other a predominantly UK-oriented product - and that by
combining we will in no way reduce the product choice available to consumers.
This contrasts starkly with the situation for Carnival and P & O Princess: they
are each other's largest and most direct competitors in both the UK and Germany,
hence the intense scrutiny now being given to Carnival's hostile bid by the
regulators in Brussels.
"Indeed, today's clear and straightforward announcement by the Competition
Minister also marks a contrast with statements from Carnival Corporation,
acknowledging the possibility that it might well be forced to sell off key
assets if it wants to proceed with its hostile bid for P & O Princess. Nothing
could better underline the fallacy of Carnival's erroneous - but oft-repeated -
claim that `there is no material difference in the regulatory analysis' of the
two transactions.
"It now remains for us to do everything possible to assist the Federal Trade
Commission with its continuing investigation into our merger's implications for
the US market. We are optimistic that they too will recognize the substantive
difference between the two transactions."
[end]
NOTES TO EDITORS
1. Royal Caribbean's agreed merger with P & O Princess Cruises was
investigated and cleared by the competition authorities in Germany in
January. The investigation by the UK Competition Commission was instigated
at the recommendation of the Office of Fair Trading on January 29th.
2. No other national competition authorities within Europe are expected to
review Royal Caribbean's transaction, nor does it reach the size threshold
that would trigger an inquiry by the EU competition authorities in
Brussels.
3. The Federal Trade Commission in Washington launched an investigation into
the merger in January, which is running in parallel with an investigation
into the competing hostile bid for P & O Princess Cruises from Carnival
Corporation. No firm timetable has been announced by the FTC but its
findings are generally expected before the end of the summer.
ENQUIRIES
Royal Caribbean
+1 305 539 6570
Lynn Martenstein
+1 305 539 6153
Erin Williams
The Maitland Consultancy Limited
+44 (0) 20 7379 5151
Duncan Campbell-Smith
Amy Holmes
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ROYAL CARIBBEAN CRUISES LTD.
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(Registrant)
Date: July 1, 2002 By: /s/ JACK WILLIAMS
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Jack Williams
President and COO