DP World gets shipshape for float

By THIS IS MONEY
Updated:

 

DUBAI Ports World, which bought ports and ferries operator P&O for £3.9bn earlier this year, has put back its proposed London flotation by up to 12 months.

The listing, which would value DP World at about £6bn and bring P&O back to the London stock market, will comprise P&O's 29 terminals, including Tilbury in Essex, as well as the largest port in Dubai.

It is understood the company wanted to debut in London later this year. But the share offering has been postponed by between six and 12months, according to sources close to the deal.

One said: 'It is a very large private company which needs to get ready to become a publicly listed company. Lots needs to be done.'

DP World reportedly intends to raise more than £1bn by selling a 20% stake in itself. Deutsche Bank and Merrill Lynch will co-ordinate the offering.

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