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P&O punters accept Dubai suitor's proposal |
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2/15/2006 7:29:15 AM |
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February 15, 2006
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AdvertisementSHAREHOLDERS in British shipping company P&O have overwhelmingly voted in favour of a takeover bid from Dubai's DP World.
Shareholders at a meeting in London yesterday voted 99.52 per cent in favour of accepting DB World's £3.9 billion ($A9.2 billion) cash bid for P&O that will create the world's third-largest ports operator.
Hutchison Whampoa of Hong Kong is the world's biggest port operator, followed by Singapore-based PSA International.
DP World won the support of the P&O board after a bidding war for the 165-year-old British stalwart, when PSA pulled out of the running last week saying a deal was not in its best commercial interests.
The vote is the last major hurdle to DP World acquiring P&O, which has 29 container terminals and logistics operations globally, including some key assets in Asia and six ports in the US.
Together DP World and P&O will have 51 terminals in 30 countries.
DP World has already secured approval from relevant regulatory authorities for the bid worldwide, according to a spokesman.
Founded in 1837, P&O in its heyday carried cargoes throughout the British Empire, to Sydney, Calcutta, Singapore, Hong Kong and other colonies. At present it has three divisions: ferries, ports and logistics.
The ferries arm has struggled in recent years but DP World, which does not have any operations in this area, said it wanted to restore the business to "strong profitability" in 2006.
Shares in P&O closed steady at 516.75 pence.
DP World was the original suitor for P&O in November, offering $US3.3 billion ($A4.48 billion) but it faced a challenge when PSA, a unit of Singapore's government-owned Temasek Holdings, entered the race last month with a £3.5 billion offer.
The P&O board switched its allegiance to PSA and DP World.
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