P&O agree £3.3 billion takeover offer
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
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