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P&O i s new owner promises
16th February 2006, Page 17
16th February 2006
Page 17
Page 17, 16th February 2006
— P&O
i
s new owner promises
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to retain its historic name
THE BATTLE TO take over transport group P&O came to an end this week when shareholders approved a I5.20/share offer from Dubai Ports World (DPW).
DPW's rival in the competition to take over P&O was PSA International, which is owned by the Singapore government's holding company,Temasek.
PSA had offered 14.70p/share before DPW raised its offer, but last week withdrew from the takeoverbidding.
The takeover is set to create the world's third biggest port operator, with a combined operation extending to 31 terminals in 30 countries.
DPW says it will keep the P&O business separate so the historic name will survive. Founded in 1837. P&O has three divisions: ferries, ports and logistics.