DP World committed to winning P&O

Seoul UAE shipping behemoth DP World is confident it will soon be the new owner of the world's oldest shipping firm, P&O.

DP World chairman Sultan Ahmad Bin Sulayem said that despite an approach from Singapore rival PSA, his company's $5.7 billion bid for P&O was the only solid bid on the table."The only valid bid for P&O is from DP World, Singapore's PSA has made nothing more than an approach, and it is an approach with conditions," he said.

Sulayem, who is in Seoul for the opening of the Pusan container port, and in which DP World owns a 25 per cent stake, told Gulf News the company was totally committed to owning the company.

"We are strongly committed to our deal with P&O, which is the only offer that has been accepted by the board, and we are confident it is going to be successful. From my position, we are not affected by approaches made by PSA."

Asked if he would increase DP World's bid in the event the approach from PSA did become a firm offer, Sulayem said: "I cannot comment on whether I would increase the bid because, at the moment, there is simply no other bid, just an approach." He added that he was not prepared to give in to speculation on what might happen because it bore no relation to the fact that DP World has made a solid bid. He also dismissed suggestions DP World would sell off P&O's ferries business if the bid was successful.

P&O is due to have a board meeting on February 6 to decide the outcome. Bin Sulayem said he would wait to see what materialised from that meeting.