P&O admits takeover approach, shares soar

P&O admits takeover approach, shares soar    Shares in London-based Peninsular & Oriental, parent company of P&O Ports, have soared 37 percent this morning after the company Sunday admitted it has received a potential takeover approach from an undisclosed prospective buyer.
   In a brief statement to the London stock exchange, P&O said: “P&O confirms that it has received a very preliminary contact from a third party, which may or may not lead to an offer for the company.”
   The statement was in response to speculation from The Sunday Times, which said state-owned Dubai Ports World was preparing a '3 billion ($5.35 billion) bid.
   The British newspaper also said Dubai Ports has hired Deutsche Bank to advise it on a bid, and a first meeting with P&O could take place soon.
   Dubai Ports, recent purchaser of CSX World Terminals, manages ports in Asia, Europe, Australia and South America, with a capacity in excess of 24 million TEUs.
   As of midday today, P&O’s share prices jumped 37 percent to '4.16 ($7.40) from '3.03.5 at close of business on Friday.