P&O Agrees to $6.3B Takeover Offer

Thursday, January 26, 2006
The AP has reported that the Peninsular and Oriental Steam Navigation Co. said it has agreed to a $6.3 billion offer from Singapore port operator PSA International -- a switch of alliances that is likely to spark a bidding war for the 165-year-old British maritime icon. The approach from PSA trumped a 3.3 billion pound ($5.9 billion) cash offer from government-owned Dubai Ports World that P&O agreed to in November. P&O Chairman John Parker noted that the 470 pence ($8.40) per share offer from PSA, which would make the combined company the world's largest ports operator, was a 6 percent premium on the 443 pence ($7.91) offered by DP World. Shares in P&O were trading above both offers Thursday, up 1.8 percent at 516.25 pence ($9.22). PSA, which is wholly owned by Singapore's state-run investment firm Temasek, said an enlarged company would have the financial clout, scale and global network to compete effectively against rivals A successful takeover would see P&O Chief Executive Robert Woods remain with the group to run the British businesses and chair the struggling ferries division. Temasek is run by Ho Ching, the wife of Singapore Prime Minister Lee Hsien Loong. As owner of the Port of Singapore Authority, it is the second biggest ports group in the world. The company was tipped by analysts as a likely suitor for P&O because the combined operations would give it terminals at many of the world's busiest shipping lanes. The original deal with DP World, announced by both companies in November, would have made the combined company the third-largest ports operator in terms of capacity, lifting DP World up from its current rank as No. 7.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Superyacht Marina Planned at San Juan, Puerto Rico

Puerto Rico Ports Authority issues RFP for Marina District. The project envisions a superyacht marina and dry dock maintenance, repair and overhaul facility

Tanker Demand Picks-up in Canada

Canada’s role in the oil industry has changed dramatically in recent years driven by synthetic crude oil production in the oil sands of Alberta.   New plans for Energy East,

CNPC Eyes Myanmar for LNG Terminal

China's biggest oil and gas company China National Petroleum Corp.(CNPC ) has expressed interested in  a terminal in Kyaukphyu in Myanmar  to receive imported Liquefied natural gas (LNG).

Marine Materials

First Damen Twin Axe for Offshore O&G

To develop its large fleet, Groen Offshore, Guard & Support has selected the first Damen Twin Axe Fast Crew Supplier 2610 to be customised with Offshore Oil & Gas standby capabilities.

Sea Shepherd Global Launches Operation Siracusa

Following on from the incredibly successful 2014 campaign, Sea Shepherd Global launches Operation Siracusa 2015. Led by Sea Shepherd Italia, the campaign aims

Superyacht Marina Planned at San Juan, Puerto Rico

Puerto Rico Ports Authority issues RFP for Marina District. The project envisions a superyacht marina and dry dock maintenance, repair and overhaul facility

 
 
Maritime Security Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1141 sec (9 req/sec)