?3.3bn offer for P&O Ports & Ferries, too good to resist
published: cw 48, 2005 in Mergers & acquisitionsPORTS and ferries group P&O bowed to a ?3.3bn takeover from Dubai yesterday as the iconic shipping brand signalled the end of 168 years of independence. P&O’s board admitted the price offered by Dubai Ports World was too attractive to turn down, although it had not been looking to sell up. And, providing rival bidders do not emerge, the combination should create one of the world’s top three ports companies. P&O’s operations and its brand will survive, and there are unlikely to be any job losses.
Founded in 1837, P&O carried cargo throughout the empire. Now it operates 29 container terminals and logistics operations in more than 100 ports, as well as ferries between the UK and Europe.
With DP World ports, the new operation will have 51 terminals and a presence in 30 countries.
But Temasek, which already owns the Port of Singapore Authority, as well as Hutchison Ports, and Denmark’s AP Moller-Maersk, could yet make approaches for P&O.
Source: Daily News
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