LONDON (ShareCast) - Carnival Corporation (NYSE: CCL - news) plc, which is listed on the New York Stock Exchange as well as in London, and its wholly-owned subsidiary Carnival Investments, said it plans to sell existing Carnival plc (LSE: CCL.L - news) ordinary shares periodically at times when Carnival Corp. shares are trading at a discount to Carnival plc shares.
Carnival Corporation plc intends to use the net proceeds of the Carnival plc share sales to repurchase Carnival Corporation common stock on at least an equivalent basis in the US market.
Any remaining proceeds will be used for general corporate purposes.
The group said that, depending on market conditions, Carnival Corporation and Carnival Investments over time will sell up to 32m shares.
The share price fell 1.46% to 2,562p by 15:30.