Carnival Corporation (NYSE: CCL) announced Monday that the company's board of directors has authorized the repurchase of up to
$1 billion of its common stock from time to time in open market or privately negotiated transactions.
The stock repurchase is subject to prevailing
market conditions and other considerations.
Carnival Corporation Chairman and CEO Micky Arison stated, "Given the significant decline in our stock price over the last few weeks, the company believes that the purchase of its stock represents a very attractive investment."
Carnival Corporation is comprised of Carnival Cruise Lines, the world's largest cruise line based on passengers carried, Holland America Line, Windstar Cruises, Cunard Line Limited, which operates the Cunard and Seabourn cruise brands, and interests in Costa Cruises and Airtours plc.
Combined, Carnival Corporation's various brands operate 45 ships in the Caribbean, Alaska, Europe and other worldwide destinations.
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