Any port in a storm

26 January 2006 By Edward Hadas Follow @edwardhadas

PSA, owned by the Singapore government, has come through with a 470p per share offer for the UKlisted ports group, outbidding DPW. The Dubai group has rich backers, is thinking strategically and is unlikely to give up now. P&O s current 515p share price looks justified.

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PSA International, the port group indirectly owned by the Singapore government, has made a 470p per share formal offer for P&O, the UKlisted port and ferry group. The offer is conditional on acceptance by 50% of the shareholders. The new bid values P&O at £3.6bn.

The PSA bid is 8% higher than a rival offer, in the form of a scheme of arrangement, from Dubai Ports World, owned by the government of Dubai. The board of P&O , which had previously backed the DPW offer, has now endorsed the PSA International bid.

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