P. and O. take-over referred
NZPA-Reuter London The British Government yesterday referred a takeover bid for Britain’s biggest shipping line, P. and 0., to the Monopolies Commission. The bid by Trafalgar House, the British property group which owns the Cunard shipping line, seeks to bring two prestige names in
luxury cruising under one flag. The Department of Trade said that the commission, which decides whether takeovers are in the public interest, had six months to report on the bid. The Trafalgar bid automatically lapses. The P. and 0. board had urged shareholders to reject
the £3OO million (?699 million) Trafalgar bid, saying that the company was worth almost twice the offer price. London stock market sources said that the commission would examine the consequences for competition of a single dominant British cruise business. Trafalgar’s chairman, Mr
Nigel Broackes, said yesterday that his company would wait a week or two before deciding whether to argue its case. It was under no obligation to revive the bid. P. and 0. has 68 ships, including six cruise liners headed by the Canberra. Cunard has three cruise ships including the Queen Elizabeth 2.
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Press, 24 June 1983, Page 6
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189P. and O. take-over referred Press, 24 June 1983, Page 6
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