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Dubai Vies to Take over UK Port Company

Dubai Ports World, a company owned by the United Arab Emirates government, may take over a major British ports and ferries operator.

The British Peninsular & Oriental Steam Navigation, known as P&O, confirmed it has made initial contacts which “may or may not lead to an offer.”

P&O began in 1840 and is now one of the largest ports operators in the world.

Dubai Ports World plans to bid $5.35 billion for the company, according to the Sunday Times.

The Emirates company manages ports in Asia, Europe, Australia and South America.

P&O has been reducing its ferries and properties as well as cutting back on jobs because of slow economic conditions in some of its areas of operation.