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LONDON, Oct 30 - Britain’s biggest ports and ferries group PandO faces a three billion pound takeover bid this week from its Middle East rival Dubai Ports World , The Sunday Times reported without naming sources.
Agence France-Presse English Wire via NewsEdge Corporation :
LONDON, Oct 30 (AFP) - Britain’s biggest ports and ferries group PandO faces a three billion pound (4.4 billion euro, 5.3 billion dollar) takeover bid this week from its Middle East rival Dubai Ports World (DPW), The Sunday Times reported without naming sources.
DPW has hired Deutsche Bank to advise it on a bid and a meeting between the two sides is likely in the next few days, the British weekly reported.
According to the paper, an approach to PandO by DPW would spark a bidding war, with Singapore investment firm Temasek and Danish shipping group AP Moeller-Maersk among those likely to show an interest.
Founded in 1837, Peninsular and Oriental Steam Navigation Company (PandO) is Britain’s biggest port operator and the world’s fourth, running 27 container terminals around the world, including two in Britain and logistics operations in 18 countries.
Its port operations are highly profitable but it has lost a lot of money in recent years on its ferry lines. It closed 13 of these lines in 2004 and this year sold its 25 percent stake in the shipping firm PandO Nedlloyd to A.P. Moeller-Maersk.
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Britain-transport-ship-logistics-company-PandO-DPW
AFP 301825 GMT 10 05
<<Agence France-Presse English Wire — 10/31/05>>
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