P&O GROUP DEMERGERS CRUISE DIVISION, P&O NEDLLOYD TO FOLLOW

P&O GROUP DEMERGERS CRUISE DIVISION, P&O NEDLLOYD TO FOLLOW    As part of an ongoing restructuring, the U.K.’s P&O group has announced the demerger of its cruise activities and reaffirmed its commitment to securing a listing for P&O Nedlloyd.
   Shares in a new cruise company will be issued to P&O shareholders.
   Tim Harris, assistant managing director of the P&O group and chief executive of P&O Nedlloyd, will then relinquish his additional role in charge of cruise activities.
   Since March last year P&O has signalled that its core activities are in the three profitable high growth divisions of cruises, ferries and ports, and logistics. It has heavily divested its earlier core interests in property and is waiting for improved market conditions to dispose of its bulk shipping interests and to list P&O Nedlloyd in partnership with co-owner Royal Nedlloyd.