P&O Deal Approved By High Court Judge
Posted on: Friday, 3 March 2006, 15:00 CST
By Daily Mail, London
Mar. 3--P&O shareholders came a little closer to getting their money when a High Court judge cleared the £3.9bn takeover of the group by Dubai's DP World.
Justice Warren threw out objections by US company Eller and two private shareholders. Eller can still take its case to the Appeal Court today and says it will.
That may still hold up the cash, which was due to be paid on March 16.
US politicians, including Senator Hillary Clinton, are protesting vociferously about the deal, citing security worries at P&O's five US container ports.
DP says security is tightly controlled by the port authorities. The Bush administration, which has already approved the deal, ordered a 45-day review of the security issue in the face of the protests. P&O rose 13 3/4p to 519p, just below the 520p bid level.
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Copyright (c) 2006, Daily Mail, London
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Source: Daily Mail
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