P&O sells out

P&O announced today that it has entered into an agreement to sell its entire 25% shareholding in Royal P&O Nedlloyd NV to two financial institutions acting on behalf of AP Moeller-Maersk, at a price of E56.25/share in cash. The total proceeds from the disposal will be E571 million (£378 million) and the company will record a profit on sale, under International Financial Reporting Standards, of £175 million.