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Not all over 'til the fat lady sings

Contributed by editor on Jan 10, 2006 - 09:32 PM

 

NOT OVER 'TIL THE FAT LADY SINGS

P&O - new takeover approach

You could be forgiven for thinking that P&O was now in the hands of Dubai Ports, but after weeks of speculation, the Singaporean state-owned company PSA International has now thrown its hat in the ring with a £3.5bn takeover approach to the ports and ferries group P&O.

The bid valued the P&O shares at 470p, 27p a share higher than the takeover offer of 443p which it has already agreed with Dubai Ports.

P&O said it would give PSA until early February to examine its accounts and decide whether to make a formal bid.

PSA is wholly owned by Temasek, the Singapore government investment agency, which already owns 4.1% of P&O.