P&O Princess, the UK cruise operator, has rejected a suggestion from hostile predator Carnival that the two should meet because rival bidder Royal Caribbean broke the terms of its agreement with P&O.

The target company, which is the subject of a £4.8bn (€7.6bn) bidding war that has dragged on for seven months, said in a letter to Micky Arison, Carnival's chairman and chief executive: "Under the terms of our agreement with Royal Caribbean, we are not in a position to meet with you."