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Last Updated: Monday, 13 February 2006, 16:23 GMT
P&O shareholders back Dubai bid
P&O ferry

Shareholders in UK ports company P&O have voted to support a $6.8bn (3.9bn) takeover bid by Dubai Ports World.

The deal with the Dubai government linked firm will create the world's third-largest ports group.

Shareholders voted 99.5% in favour of the 520 pence a share offer, according to P&O chairman John Parker.

It means victory for Dubai Ports after a bidding war which saw its rival, Singaporean port operator PSA International, withdraw from the race.

End of era

The takeover will bring to an end 165 years of UK ownership 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.

Dubai Ports World has been looking for assets to invest in and ports are currently reaping the rewards of an expansion in world trade, as goods made in Asia find their way to the US and Europe.


SEE ALSO:
Dubai firm raises stake for P&O
26 Jan 06 |  Business
P&O backs Singapore takeover bid
26 Jan 06 |  Business
P&O receives further takeover bid
10 Jan 06 |  Business
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


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