P&O agree £3.3 billion takeover offer - TravelMole


P&O agree £3.3 billion takeover offer

Friday, 29 Nov, 2005 0

P&O Ferries has been acquired by Gulf-state backed Dubai Ports World in a deal worth £3.3 billion.

In a statement issued this morning, P&O said it has accepted an offer of 443p per share all-cash bid. It will create one of the world’s largest shipping companies.

Robert Woods will remain as P&O chief executive with the headquarters staying in London.

Chairman Sir John Parker said in the statement: “DP World’s offer recognises that P&O is a unique brand with an exceptional footprint of international port assets. P&O is one of the top four international ports with 29 container terminals and operations in 18 countries across the globe, generating 80% of the group’s total profits.

“The board believes this all cash offer is in the best interests of the deferred stockholders who will receive a substantial return on their investment.”

The share offer represents a premium of 46% on the closing price of 303.5p on October 27 when speculation of a takeover began.

Sir John also reassured staff, claiming they will “benefit” from the deal.

“DP World have made it clear they regard the management and employees as key to the ongoing success of the combined entity and they recognise the importance of P&O’s ferries and properties division, as well as ports,” he said.

Report by Steve Jones



 



Most Read

Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns

James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel

Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination

Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics

Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy

Bubba O’Keefe on Clarksdale’s Vibrant Music Scene

Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee

Craig Ray and the Expansion of the Blues Trail

Presenting Mississippi’s Cultural Trails with Katie Coats

Robert Terrell: A Journey Through BB King’s Influence

Rochelle Hicks: Celebrating Mississippi’s Musical Legacy

Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
TRAINING & COMPETITION

Our emails to you has bounced travelmole.com Or You can change your email from your profile Setting Section

Your region selection will be saved in your cookie for future visits. Please enable your cookie for TravelMole.com so this dialog box will not come up again.

Price Based Country test mode enabled for testing United States (US). You should do tests on private browsing mode. Browse in private with Firefox, Chrome and Safari