October 6, 1988 |
A partner in Royal Admiral Cruises Ltd. said Wednesday that he will exercise an option to buy the large cruise line holding company and block Carnival Cruise Lines Inc.'s $550-million agreement to take a controlling stake. Miami-based Royal Admiral, which owns eight ships, says it is the world's largest cruise line based on the number of berths. It operates Royal Caribbean and Admiral Cruise Lines and its fleet includes the new Sovereign of the Seas, the world's largest cruise ship.
September 1, 1988 |
Carnival Cruise Lines Inc., moving to bolster its position in the cruise industry, said Wednesday that it has agreed to buy 70% of Royal Caribbean and Admiral Cruise Lines for $550 million in cash. Carnival, which was the world's largest line in 1987 based on the number of passengers carried, said on Aug. 17 that it had agreed to buy a 36% position in the two lines from Gotaas-Larsen Shipping Corp.