Mermaid reneges from DP World deal

Mermaid reneges from DP World deal Marine services company Mermaid Marine Australia has gone back on its plan to merge with DP World's wholly owned subsidiary P&O Maritime Services, agreed in December.
   Mermaid was to issue 221.9 million shares to DP World in return for 100 percent of the shares in P&O Maritime Services and P&O Polar Australia, resulting in DP World owning 60.4 percent of Mermaid.
   The merger would have seen the combined Mermaid Marine-P&O Maritime Services entity listed on the Australian Stock Exchange under the brand name P&O Marine.
   The Fremantle-based company reversed its decision after its half-year results soared well above expectations by 320 percent to A$6.3 million ($5 million).
   DP World said it was disappointed the deal was not proceeding and that the proposed merger would have been a good fit for both companies, allowing them to explore new markets. However, it said P&O Maritime Services was a strong business and DP World was equally comfortable supporting it to expand on its own.