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P&O agrees to DP World takeover bid
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Peninsular and Oriental Steam Navigation Company (P&O) have agreed to a £3.3 billion takeover bid from Dubai’s DP world. The merger will create the world’s third largest port operator. P&O was established 168 years ago in Britain. DPW will pay 443 pence ($7.60) cash for each unit of deferred P&O stock. P&O profits are mainly generated by the 29 terminals that they operate with 80 percent of profits resulting from that. The company also has logistics operations in 100 ports and they operate 26 ferries that links Britain with France, Belgium, Holland, Ireland and Spain. The acquisition of P&O will help DPW to become a major player in the ports industry. (Dec. 1)
News Date
12/1/2005 9:10:22 AM
reported by
SKY
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