Business & Finance
Carnival Corp. appeared on course to win postponement of a meeting Thursday at which shareholders of British-owned rival P&O Princess would vote on the proposed $7 billion merger with Royal Caribbean. Carnival, the world's largest operator of cruise ships, is pursing a hostile takeover of P&O for less money - $5.4 million - but with other incentives. In a statement, Carnival said it had the support of investors controlling 29 percent of P&O to put off the meeting until Nov. 15 at the latest so regulators could evaluate the two proposals on their merits. If they fail to force adjournment of the meeting, the investors have pledged to vote against merging with Royal Caribbean, the Financial Times reported.
Brown Wooten Mills, a leading supplier of hosiery and socks to large retail chains, announced it will cut 600 jobs, closing a plant in Mount Airy, N.C., and a distribution center in nearby Burlington. The company said the recent bankruptcy filing by K-Mart had worsened an already bleak economic outlook. Brown Wooten also sells to J.C. Penney, Sears, Wal-Mart, and Kohl's. The company is based in Burlington.