Dual listing mooted for P&O Ports
DP World is said to be considering the possibility of floating P& O Ports on both the London Stock Exchange and Dubai International Financial Centre less than 12 months after acquiring it. The flotation would value the company at an estimated £ 6bn ( € 8.76m), although only 20% of the total equity would be made available on the open market.
The floated company would encompass interests in 29 ports that had originally belonged to P&O Ports as well as several that had formerly been part of DP World’s own portfolio. Among these are significant interests in Tilbury (London) and Antwerp.
Rumoured to be coordinating the share issue are Deutsche Bank and Merrill Lynch, with a projected launch date in November.
Although DP World declines to publicly comment on the flotation, company chairman Sultan Ahmad Bin Sulayem had earlier noted that P&O is a very important name and one that should not be lost.
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