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Strong bid for P&O
2nd February 2006, Page 14
2nd February 2006
Page 14
Page 14, 2nd February 2006
— Strong bid for P&O
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GLOBAL LOGISTICS and transport operator P&O is likely to be bought by a stateowned ports operator from the Middle East.
Dubai Ports World is offering £3.9bn for P&O, which runs the container ports at Tilbury and Southampton as well as the logistics and freightmanagement company P&O Ferrymasters.
P&O directors had previously recommended acceptance of a £3.5bn offer from the Singaporean group PSA.
P&O has been the subject of an intense takeover battle since the autumn because of the strategic importance of its 29 container terminals around the world.
In 2002. P&O sold P&O European Transport to Wincanton but retained the Ferrymasters operation which is based in Ipswich and employs around 900 people throughout Europe.