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18

P&O Nedlloyd Plan To Float Before 2004

P&O Nedlloyd Container Line, the world's second largest container shipping...

P&O Nedlloyd Container Line, the world's second largest container shipping company, plans a stock market listing before the end of 2003, Het Financieele Dagblad has reported, citing the Chief Executive Officer Haddo Meijer.

?If it didn't happen before late in 2003, I wouldn't be happy,? Meijer told the paper in an interview. Meijer is also CEO of Royal Nedlloyd, which controls fifty percent of P&O Nedlloyd.

The Peninsular & Oriental Steam Navigation Company, the owner of the remaining half of P&O Nedlloyd, said in annual report that it would ?consider a listing? for the container shipping venture, the paper reported. A listing would narrow the gap between the book value of Nedlloyd's assets and its share price, the paper said.

P&O Nedlloyd posted a first quarter loss from a year earlier profit, the company said last month. The company has cut shipping capacity and eliminated a thousand jobs to reduce costs after the amount of revenue per container declined amid a slowdown in the global economy.

Author: Neftegaz.ru