NEW YORK -- London-based P&O, cruising's third-largest company,
launched a listing of its American Depository Receipts (ADRs) on
the New York Stock Exchange today, under the symbol POC.
The listing follows the earlier announced demerger of P&O's
cruise business from its other maritime operations.
After opening today's NYSE trading by ringing the opening bell,
Peter Ratcliffe, CEO of P&O Princess Cruises, the new company,
said the listing means "P&O Princess Cruises can now be
properly valued by international investors alongside its
competitors in the premium and contemporary cruise markets."
In other company news, Princess and America Online Inc.
announced a "wide ranging multimillion dollar" marketing alliance
under which the companies will "develop innovative on-line and
off-line programs to bring Princess Cruises to users of several
America Online brands," according to a statement from Princess.
The partnership will include advertising, brand promotion and
co-marketing initiatives, plus "exclusive programs to promote
P&O Princess Cruises and the interactive experience.
"Under the agreement, Princess information will be available on
several America Online brands, including CompuServe and
Netscape.com, and the two companies will build an "on-line
community center," allowing Princess passengers to share stories
and information with other passengers, travel agents and the cruise
line.
"People are increasingly going on line to make vacation plans,
and we look forward to promoting P&O Princess Cruises across
our interactive properties," said Myer Berlow, AOL's president of
interactive marketing.