UAE bids for venerable U.K. port operator

Nov. 29, 2005 at 8:17 AM
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LONDON, Nov. 29 (UPI) -- Britain's Peninsular & Oriental Steam Navigation Co. accepted a $5.76 billion takeover bid from Dubai's government.

The 168-year-old P&O, the world's fourth-largest port operator with 29 container terminals worldwide, said it planned to keep its London headquarters after Dubai Ports World completes its purchase, the Telegraph reported Tuesday.

The price is a 46 percent premium to P&O's share price the day before public speculation on the deal.

DP Ports World, owned by the United Arab Emirates, was created in September this year through the merger of the Dubai Ports Authority -- which ran the operations in Dubai -- and the overseas arm Dubai Ports International Terminals.

Other ports operators are expected to offer competing bids for P&O.

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