P&O directors recommend takeover offer

Directors of ports and ferries firm P&O jumped ship today to recommend a £3.55bn (€5.1bn) takeover offer from Singaporean rival PSA International.

The offer from PSA, which is wholly owned by Singapore’s state-run investment firm Temasek, trumps a previously agreed £3.3bn (€4.8bn) proposal tabled by Dubai Ports World in November.

PSA said an enlarged company would have the financial clout, scale and global network to compete effectively against rivals in the ports industry.

Fock Siew Wah, chairman of PSA, said: “It is our intention to integrate quickly in order to add value to the businesses of the combined group, including ferries.”