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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Scottish Independence Would Hurt Maritime Sector

A vote for independence from the U.K. would have a negative effect on the Scottish shipping and offshore maritime sector, according to a survey by leading international

Legislation Signed for Ports Upgrades

Today, Governor Brown signed AB 2395 Legislation. The bill was co-authored by Bonnie Lowenthal chair of the Assembly Transportation Committee and the Select Committee

Report: Ports Lack Maintenance Support

The latest Barometer Report from Trelleborg has revealed a huge gap in the maintenance requirements of port owners and operators, and the support that suppliers are able to provide.

Marine Materials

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

Schlumberger Launches First Photorealistic Reservoir Geology Service

Schlumberger today launched the Quanta Geo* photorealistic reservoir geology service at the Offshore Northern Seas Annual Conference and Exhibition. The new

Polynesian Shipping Sold to Neptune Pacific Line

The Board of Polynesian Shipping Line Limited, Apia informed   that the business and the Company’s associated investments have been sold to Neptune Pacific Line Limited.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2013 sec (5 req/sec)