1 December – LAWFUEL – The Law News Network – Linklaters has advised DP World, the global ports business of Ports Customs and Free Zone Corporation, Dubai, on its £3.4 billion recommended acquisition of the Peninsular and Oriental Steam Navigation Company (‘P&O’).
The takeover, announced on 29 November 2005, was made by Thunder FZE, a wholly owned subsidiary of Ports, Customs and Free Zone Corporation, Dubai and part of DP World.
Holders of deferred stock in P&O are being offered 443p per unit of stock (with a loan note alternative). The acquisition, which will create a top three global ports operator, is to be implemented by way of a scheme of arrangement under section 425 of the Companies Act and is expected to become effective in February.
Linklaters’ team was led by David Cheyne, Jeremy Parr and Robert Cleaver (all London), with Paula Riedel (London) and Thomas McGrath (New York) advising on antitrust matters. The team also comprised tax, environment and planning, pensions, employment, employee incentives, projects and TMT lawyers.
Deutsche Bank provided financial advice to DP World, while Citigroup and NM Rothschild advised P&O. Morgan Stanley was the broker to P&O. Freshfields provided legal advice to P&O.List your legal jobs on the LawFuel Network