P&O shareholders agree to DP World’s offer

P&O shareholders agree to DP World’s offer    Shareholders of London-based Peninsular and Oriental Navigation Co., Monday voted 99.5 percent in favor of Dubai-state owned DP World’s '3.9 billion ($6.8 billion) takeover offer, equal to $5.20 ($9.02) per share.
   The takeover is expected to be completed March 2, ending 165 years of British ownership of P&O.
   Last week, PSA International pulled out of a two-month bidding war clearing the way for DP World to buy P&O. The saga benefited shareholders by boosting P&O shares from '3.03.5 ($5.27) on Oct. 27, the last business day prior to the takeover speculation.
   Following completion of the transaction, DP World will leapfrog PSA as the third-largest global port operator with a combined throughput of 33.3 million TEUs, based on 2004 figures.
   “We are delighted that stockholders have voted to support our acquisition of P&O, which brings to an end a period of uncertainty,” said Sultan Ahmed Bin Sulayem, DP World’s chairman. “P&O is an excellent company with a great heritage and we welcome them warmly to the DP World family. Together we are one of the world’s top three ports operators. There can be no doubt about the compelling strategic fit the companies have together. This is very good news for our customers and our combined staff.”