DP World calls off Australian merger

DP World has abandoned plans to merge its Australian subsidiary P& O Maritime Services with offshore oil services firm Mermaid Marine Australia. An agreement, which had been reached by both sides in December, would have involved a share swap, leaving DP World with a 60% stake in the joint company. The decision to call off the merger was taken by Mermaid Marine following better than expected financial results. However, public pronouncements by DP World suggest it would still be interested in renegotiating terms.