Boasting

27 January 2006 By Edward Hadas

The Dubai port company topped PSA s bid by 11%. And who says that s a lot? None other than Sultan Ahmed Bin Sulayem, DPW s chairman. But the Singaporean rival may make an even more uneconomic bid. It too has no outside shareholders to complain.

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Dubai Ports World has made a 520p per share bid for P&O, the UKlisted ports operator on Thursday evening. The DPW offer, worth £3.9bn, has been endorsed by the P&O board of directors. On Wednesday they had endorsed a 470p per share offer from PSA International, the port operator owned by the government of Singapore.

P&O has agreed with DPW that it will hold its extraordinary shareholder meeting to consider the newest offer by February 13, unless it receives a bid of more than 546p per share.

P&O shares were trading at 555p on Friday morning.

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