Friday, August 17, 2007

From the billion dollar deal department

Update, August 17, 130pm
NCL announced at their press conference that Apollo will become Star's partner in owning NCL. It will be a 50-50 partnership. No management changes are planned, and the cruise line will continue business at they have. Details will be in Cruise News Daily later today.

Update, August 17, 530pm
Star Says that the trade of Star shares will resume in Hong Kong on Monday, August 20.

Update August 17, 1130am
In preparation for the press conference, NCL issued a press release announcing that Apollo Management is taking a $1 billion stake in NCL Corp in partnership with Star.

Update August 17, 11am
NCL Corp has scheduled a news conference for 12:30pm to announce a new stockholder. Details to follow this afternoon.

Update August 16, 9am
At the close of business Thursday, trading remains suspended pending an upcoming announcement.

August 14 Update 4:36am
Reuters reports from Hong Kong say that trading of Star Cruises' shares was suspended yesterday pending an announcement. Further details are not available at this time.

There has been quite a bit of activity recently in Star's casino activity and top ownership. There have also been persistent rumors that their NCL brand is for sale.

More information as it becomes available.

(For US readers, Hong Kong is 12 hours ahead of Eastern Daylight Time.)