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P&O receives takeover approach
Page 17
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P&O IS SELLING its cold logistics division for £183m, but longterm plans to focus on its core international port business may be foiled by a takeover.
The group has received a takeover approach which is thought to be from state-owned Dubai Ports World, owned by the United Arab Emirates' government. Den mark's AP Moeller Maersk and Hong Kong-based conglomerate Hutchison Ports, which owns three UK ports, are also said to be interested in buying the group.
P&O sold its 25% stake in shipping and logistics giant Royal P&O Ned lloyd to Maersk earlier this year (CM 19 May).The sale of P&O Cold Logistics to Canada's Versacold Holdings further underlines P&O's commitment to concentrating on international ports.
Cold Logistics is said to be the world's third-largest cold storage and distribution operator, employing 3,000 people.