LONDON, Nov 29 (AFP) - Dubai Ports World (DPW) announced on Tuesday a recommended takeover of P&O, valuing Britain's biggest ports and ferries group at 3.326 billion pounds (4.852 billion euros, 5.739 billion dollars). LONDON, Nov 29 (AFP) - Dubai Ports World (DPW) announced on Tuesday a recommended takeover of P&O, valuing Britain's biggest ports and ferries group at 3.326 billion pounds (4.852 billion euros, 5.739 billion dollars). "Putting P&O and DP World together will create one of the top three leading ports groups in the world," said P&O chairman John Parker in a joint statement announcing the deal.
The 443 pence-per-share cash bid represented a premium of around 46 percent compared with the closing price on October 27, a day before speculation over the takeover surfaced, the two groups said.
"The directors of P&O intend to recommend unanimously that P&O stockholders vote in favour of the offer," the statement added.
DPW said that it has secured backing from shareholders totalling some 18.6 percent of the group's stock.
P&O's headquarters would remain in London, while chief executive Robert Woods would continue to head up the business. The tie-up was likely to be completed in the first qua
