P&O in takeover battle

Ports and ferries business P&O was at the centre of a takeover battle tonight after receiving an approach from a Singapore-based ports firm.

The move by state-owned PSA International values the shipping firm at 470p a share – around £3.5bn (€5bn) – beating the 443p a share offer tabled by Dubai Ports World in November.

P&O said the proposal was not a firm offer and was subject to conditions such as P&O withdrawing its backing of the DP World offer.