P&O NEDLLOYD PARENT COMPANIES STILL IN TALKS ABOUT STOCK LISTING

P&O NEDLLOYD PARENT COMPANIES STILL IN TALKS ABOUT STOCK LISTING    The management of Royal Nedlloyd and Peninsular & Oriental Steam Navigation Co., the 50-50 parent companies of container shipping line P&O Nedlloyd “are in intensive talks” about a potential stock market listing of the company, according to Royal Nedlloyd.
   Royal Nedlloyd had asked P&O to reach a decision on its proposal for a “reverse listing” of P&O Nedlloyd by Wednesday, but it acknowledged that no agreement has been reached as yet.
   Under the proposed transaction, P&O Nedlloyd would become a public company by taking the stock exchange listing of Royal Nedlloyd. This would involve P&O    transferring its 50-percent interest in P&O Nedlloyd to Royal Nedlloyd in exchange for Royal Nedlloyd shares. Royal Nedlloyd would then cease to exist and the new public entity would be known as P&O Nedlloyd.
   “For the sake of promoting the decision process on this issue no further statements will be made at present,” a spokesman for Royal Nedlloyd said.
   But if the reverse listing does not go ahead, Royal Nedlloyd said that it “prefers a scenario where one of the joint venture partners will buy out the other one.”