In Europe this morning: a bidding war heats up and a corporate restructuring is well under way.
Laying the groundwork for what’s sure to be a heated bidding war for ferry operator Peninsular & Oriental Steam Navigation Co., Singapore’s PSA International Pte. Ltd. entered a long-awaited $6.34 billion offer for the U.K.-based company, offering 6.6% more than Dubai-based DP World bid in November.
The P&O board unanimously supported PSA’s offer, which, if accepted, will make PSA the No. 1 ports operator world-wide, claiming the title from Hong Kong’s Hutchison Whampoa Ltd.
The 470 pence-per-share offer, however, is lower than the 500+ range P&O has been trading at recently with investors anticipate the bidding war ahead.
In other news out of Europe this morning, Dutch pharmaceutical group Akzo Nobel SA said it has agreed to sell two chemicals businesses, expecting to announce deals to sell nine other units in the next six months.
The company said it will unload its 65% stake in Malaysian oleochemicals joint venture to Lam Soom Group for $29 million and its Electro Magnetic Compatibility business to U.K.-based ETL Semco KK for an undisclosed amount.
The divestures are part of a larger effort the company began in February 2005, to curb debt and streamline the company’s chemical activities into key areas. — Carolyn Murphy
PSA wins P&O's hand
Akzo Nobel advances disposal plan
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