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15

P&O to Sell European Logistics Unit

The ports, shipping and freight management group Peninsular and Oriental...

The ports, shipping and freight management group Peninsular and Oriental Steam Navigation is hoping to sell its Trans European logistics business, a newspaper has reported.
The Financial Times said on its Website that P&O was understood to have decided to sell the subsidiary after concluding it was not big enough to compete with emerging global rivals.
The paper cited a source close to the company as saying the firm would sell the unit ?in the right conditions.?
The FT said analysts saw the division fetching up to one hundred and fifty million pounds.
No one at P&O was immediately available for comment on the matter.
P&O said on April 24th that Trans European had made a slow start to the year, reflecting a sluggish German economy, but the trend had improved at the end of the first quarter.
The group made a surprise expansion in its ferries business in late April, buying out its partner in UK operator P&O Stena Line.

Author: Neftegaz.ru