P&O stockholders approve P&O Nedlloyd sale

P&O stockholders approve P&O Nedlloyd sale    Stockholders of London-based partner Peninsular & Oriental Steam Navigation Co. today overwhelmingly overwhelmingly approved the sale of its 50-percent stake in P&O Nedlloyd.
   At an extraordinary general meeting held earlier today, P&O stockholders cast proxy votes of 384 million in favor and 0.6 million against.
   The vote was one of the steps required to allow P&O and Royal Nedlloyd to complete a $602-million deal that will turn the container-shipping joint venture into an independent, stock market-listed company.
   On completion of the buyout, P&O will own 25 percent of Royal Nedlloyd, to be renamed Royal P&O Nedlloyd. Royal P&O Nedlloyd will consolidate P&O Nedlloyd Container Line as a 100-percent subsidiary.