The bidding war between cruise operators Carnival and Royal Caribbean for UK competitor P&O Princess reached a turning point last week, with Carnival's bid worth less than its rival's, according to analysts

Falling share prices and foreign exchange rates have mean that Carnival's final offer, worth £4.8bn (€7.6bn) at its peak, or 700p a share, is now worth 450p a share. That compares to a value that Morgan Stanley attributes to Royal Caribbean's merger proposal of 460p a share.