Dubai predator to offer £3bn for P&O :: The Times
P&O, Britain’s biggest ports and ferries group, is set to receive a £3 billion takeover approach from a Middle East rival as early as this week.
Dubai Ports World (DPW), which is owned by the Gulf state’s government, has hired Deutsche Bank to advise it on a bid. Banking sources in Dubai said this weekend that a preliminary meeting between the two sides was likely to take place within days. The Middle Eastern firm is understood to have contacted banks about financing a bid for the British ports operator.
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P&O owns 27 container terminals and has logistics operations in 18 countries.
Its British container-terminal operations include sites at Southampton and Tilbury, and the company was granted planning consent earlier this year for a £1.5 billion development, the London Gateway port in Thurrock, Essex, which is eventually expected to account for as much as 10% of P&O’s total ports capacity.
P&O also owns port operations in Africa and Australia and has operations in India, the Philippines and Sri Lanka.