Marine Log

March 3, 2006

DP World takeover of P&O put on hold

DP World's planned acquisition of P&O has been put on hold--at least until Monday. When the transaction is completed DP World will acquire the operations of P&O Ports North America as part of the deal.

Britain's High Court yesterday rejected Miami-based Eller & Co.'s bid to block the deal. However, Eller is to apply to the Court of Appeal for permission to appeal that decision.

A stock exchange statement issued by P&O says that the Court of Appeal's schedule was "not been able to accommodate the matter today but it is expected that application for permission to appeal will be held during the afternoon of Monday 6 March 2006. If permission were to be granted, the appeal would be held immediately, that afternoon."

The High Court has granted a stay of its order sanctioning the takeover until the application for permission to appeal, and the appeal, if one is permitted, has been heard.

The Boards of P&O and DP World say they "remain confident of concluding the transaction on the agreed terms."