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Carnival Corp. shares soar on Saudi Arabia's buy before underwritten offering

carnival corp. logo.jpg
Carnival Corp. shares were trading 24% higher, at around $10.45, on Monday after Saudi Arabia's sovereign wealth fund disclosed it had acquired 43.5m shares.

8.2% stake

That was an 8.2% stake of the CCL shares outstanding at March 25, according to a filing, and doesn't include the shares issued in Carnival's underwritten public offering.

Underwritten offering closes

That offering, of 71,875,000 shares at $8 a share, closed Monday and includes the option for 9.375m shares fully subscribed by the underwriters.

BofA Securities, Goldman Sachs & Co. LLC and JPMorgan acted as joint book-running managers.

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