In April 2003 Princess Cruises became a part of Carnival Corporation (NYSE: CCL), one of the largest vacation companies in the world.
The corporate structure actually is a bit more complicated. The former P&O Princess Cruises Plc. changed its name and EPIC (British stock) symbol to Carnival Plc. (LSE: CCL) but retains its listing on the London Stock Exchange. The two companies merged operations without merging the corporate entities by having the same board, the same corporate officers, certain automatic financial exchanges, and a "special voting share" that maps the vote of each corporation's stockholders into the other corporation. On measures that require joint approval under the merger of operations, the special voting share counts as the actual voes of the other corporation's shareholders. On measures that require separate approval by each corporation's shareholders, the special voting share execrises an absolute veto if the other corporation's shareholders reject the measure. It would be quite easy to terminate the joint operating agreement if management ever deems that to be in the best interests of both corporatons.