UK. A bidding war for port and ferry operator Peninsular and Oriental Steam Navigation Co (P&O) has broken out as Dubai Ports World trumped a £3.545 billion (US$6.33 billion) takeover bid for the group.
P&O has agreed to the 520 pence a share bid, valuing P&O at £3.92 billion (US$6.98 billion), withdrawing support for a 470 pence a share offer made by PSA International of Singapore.
As reported yesterday, PSA had reached an agreement to buy P&O for £3.545 billion, but speculation was rife that there would be a bid battle with Dubai Ports World, which offered £3.3 billion (US$5.7 billion) for P&O in November.
P&O has operations in 100 global ports as well as a passenger ferry service in Europe and a property portfolio.
MORE STORIES ON P&O
P&O agrees takeover by Singapore’s PSA – 26/01/06
Singapore bid approach set to spark P&O battle – 12/01/06
