P&O accepts takeover bid from PSA
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SINGAPORE : Port operator PSA International is in the lead for the race to take over British ports and ferries group P&O.
This is after P&O agreed to an offer from PSA which values P&O at US$6.4 billion, or 3.5 billion pounds.
That works out to 470 pence a share, thumping an earlier offer of 433 pence from Dubai World Ports by some 7 percent.
PSA is seeking to strengthen its position in the shipping industry, and it has been looking for growth opportunities outside Singapore.
Last year it spent more than US$1 billion buying port assets in Hong Kong for better access to China's booming market.
PSA also has investments in 19 ports in 11 countries.
But a tie-up with P&O will give it greater presence in India, a market which is increasingly growing in importance.
P&O had actually agreed to a takeover from Dubai Ports World, which like PSA is also seeking become a key global player.
But since that deal was announced in November, there was speculation that PSA would get into the fray.
With PSA now having made a formal offer analysts are expecting Dubai Ports to come up with a counter bid, setting the stage for a bidding war.
If PSA gets to buy P&O, it plans to merge its operations with those of P&O, creating one of the world's largest port operators and overtaking Hong Kong's Hutchison Whampoa. - CNA /ct
Woot! This means singapore is now the number 1 port operator in the world!
PSA could possibly list on the SGX this or next year to finance something this huge?
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Unlikely as PSA Singapore is still facing compeition from Pelabuhan Tg Pelepas and Klang Westport
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Dun forget of prev reports that PSA and AP Moller - Maersk is in talks over terminal deal if Brussels decides to impose anti-compeition laws on the Antwerp and Zeeburge terminals
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Its ok. Analyst says that PSA should have "no problem" in clearing anti trust hurdles.Originally posted by sbst275:Dun forget of prev reports that PSA and AP Moller - Maersk is in talks over terminal deal if Brussels decides to impose anti-compeition laws on the Antwerp and Zeeburge terminals
And besides shld such a situation happen, PSA can always slice and dice P&O and sell their assets to the highest bidder. -
Take this comment with a pinch of saltOriginally posted by shade343:Its ok. Analyst says that PSA should have "no problem" in clearing anti trust hurdles.
And besides shld such a situation happen, PSA can always slice and dice P&O and sell their assets to the highest bidder.
PSA controls 80% of the traffic at Antwerp and Zeebruge... -
PSA can always sell the assets of P&O then.Originally posted by sbst275:Take this comment with a pinch of salt
PSA controls 80% of the traffic at Antwerp and Zeebruge... -
That's why the report of Maersk involved is thereOriginally posted by shade343:PSA can always sell the assets of P&O then. -
Oh well, Dubai has made counter bid @ 520 pence per share based on the latest trading price