[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Tuesday, 10 January 2006, 19:36 GMT
P&O receives further takeover bid
A P&O ferry
P&O is the world's fourth largest ports operator
Ports and ferries group P&O has received a 3.5bn takeover approach from Singaporean state-owned operator PSA International.

In a statement P&O said the approach valued its shares at 470p, beating the takeover offer of 443p a share it has already agreed with Dubai Ports.

It said it would give PSA until early February to examine its accounts and decide whether to make a formal bid.

Ports are benefiting from expanding Asian exports to the US and Europe.

World trade volumes are expected to grow 7.6% in 2006, according to the International Monetary Fund (IMF).

PSA is wholly owned by Temasek, the Singapore government investment agency, which already owns 4.1% of P&O.

Founded in 1837, P&O has three divisions - ferries, ports and logistics.

In its heyday in the mid-1920s, it owned a fleet of almost 500 ships before transforming itself in the post-war era to concentrate more on cargo shipping and ports.




SEE ALSO:
Bid talk sends P&O shares higher
02 Dec 05 |  Business
P&O agrees bid from Dubai Ports
29 Nov 05 |  Business
P&O jumps on hope of bidding war
31 Oct 05 |  Business
P&O 'on track' to improve profits
11 Aug 05 |  Business


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific