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P&O and Festival end negotiations

Plans for cooperation between the Peninsular and Oriental Navigation Company, P&O<.>, and Festival Cruises<.> appear to have been abandoned…

Plans for cooperation between the Peninsular and Oriental Navigation Company, P&O<.>, and Festival Cruises<.> appear to have been abandoned.

The decision has been linked to the consistent drop in shares in cruiselines on the US market.

P&O president Lord Sterling said it was not the right time for the two firms to join forces. He said he admired Festival Cruises and their dynamic management, stressing future cooperation was likely.

Festival president George Poulidis said that, despite the decision against the joint venture, the two firms remain friends.

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