DP World will have to wait for P&O shareholder approval of takeover

Dubai: DP World will have to wait until the P&O shareholders' meeting in January to find out about the status of its offer to take over Britain's oldest ports and ferries group, a leading official said on Monday.

Jamal Majid Bin Theniyah, vice-chairman of the board of Ports, Customs and Free Zone Corporation (PCFC), told an industry gathering in Dubai that P&O was "an open (listed) company and anyone can acquire its shares, like Singapore (Temasek) has done."

Bin Theniyah was responding to questions about the continued speculation that Singapore's Temasek Holdings Pte may launch a rival bid for P&O.

Temasek has acquired up to 4.1 per cent of P&O's shares since DP World's offer had been unanimously approved by P&O's board.

DP World had made an all-cash $5.69 billion (£3.3 billion) offer for Britain's oldest and the world's fourth largest shipping group Peninsular & Oriental Steam Navigation Co.

This will make DP World the third-largest port operator in the world after Hutchison Whampoa and Temasek's Port of Singapore Authority.

"We have made an attractive offer that has been recommended unanimously by the P&O Board. We will have to wait until the shareholders extraordinary general meeting to see what happens," he reiterated, addressing questions at the Middle East Money and Ships conference.

He also reaffirmed that DP World had no intention of selling off the ferries business of the P&O Group if the deal comes through.

"When we made the offer it included the full package ferries and logistics both are positive elements of the package. We have no plans therefore to dispose of the ferries operations," said Bin Theniyah.