MIAMI -- Carnival Corp. and Airtours PLC signed agreements with
the controlling shareholders of Costa Crociere for the eventual
purchase of all the company's shares for $300 million.
Both Carnival and Airtours had announced that each intended to
acquire 50% of the Genoa, Italy-based line, which is the leading
European cruise operator, with an estimated 19% of the market.
The agreements of Carnival and Airtours are with an entity of
the founding Costa family, which owns 30.7% of the company, and
with others for the cumulative acquisition of 56.9% of the
company's ordinary share capital.
Carnival and Airtours also plan to mount a tender offer to
acquire the remaining shares, which are traded on the Milan stock
exchange.
The goal is to acquire minimum amounts of each of the company's
outstanding shares, including 90% of the ordinary shares and 75% of
the full capital of Costa.