Carnival has obtained unprecedented UK takeover panel approval for its revised hostile bid for P&O Princess Cruises, raising hopes for an eventual merger with Princess.

Carnival, the world's largest cruise operator, has obtained Panel consent to keep open its latest revised offer for Princess, the world's third largest cruise operator, for at least a year. The move has allowed Carnival to make one last attempt to persuade Princess shareholders to delay a shareholder vote - scheduled for February 14 - to approve its merger with Royal Caribbean Cruises, the world's number two operator.