UAE. DP World, Dubai’s port company, agreed yesterday to purchase UK shipping company Peninsular and Oriental Steam Navigation (P&O) for £3.3 billion (US$5.7 billion).
P&O has operations in 100 global ports as well as a passenger ferry service in Europe and a property portfolio.
DP World is offering 443 pence a share and is set to become the third-largest port operator in the world, behind Hutchison Whampoa of Hong Kong and Temasek Holdings of Singapore.
P&O’s headquarters will remain in London, and P&O CEO Robert Woods will stay on in that role. P&O board members are recommending the offer, and it is expected to close in the first quarter of 2006.
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