UK. Dubai port operator DP World is considering increasing its offer for UK port and ferry firm P&O after Singapore’s port operator PSA International raised the prospect of a competing bid.
P&O, the world’s fourth-largest ports operator, said PSA had made an approach with a cash offer of £4.70 per share, or £3.5 billion (US$6.2 billion). DP World made a £4.43 a share offer in November, totalling £3.3 billion, which has been recommended by the P&O board.
P&O shareholders now expect a counter offer by DP World.
If its bid is successful PSA, a division of Singapore’s state-owned investment company Temasek Holdings, would become the world’s number one port operator, ahead of Hong Kong’s Hutchison Whampoa.
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