Celebrity Spurns Offer

Celebrity Cruise Lines Inc. on Wednesday spurned a takeover offer by Carnival Corp., sticking with its original plan to be acquired by Royal Carribbean for slightly less money.

Carnival said it would back out of the bidding after Celebrity announced it finalized the $1.3 billion agreement with Royal Caribbean, which will create the No. 2 cruise company behind Carnival.

Royal Caribbean and Celebrity will continue to operate as separate brands under their deal.