P&O takeover battle continues

P&O investors were today awaiting the next move in a takeover battle that last night saw Dubai Ports World up its offer for the group to £3.9bn (€5.7bn).

In a dramatic day of developments, DP World won back the support of the P&O board after directors had earlier backed a £3.5bn (€5.1bn) approach from the Singapore-based government investment agency PSA.

DP World made the first approach for P&O in November when it said it was willing to pay £3.3bn (€4.8bn) for the group, which has 29 container terminals around the world as well as a less successful ferries operation.