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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (277393)	3/1/2006 1:11:25 AM
From: Elroy	Respond to of 1573092

Here's an example of what I was talking about from last December. Temasek may unleash bidding war for P&O By Kokila Jacob, Staff Reporter Published: 12/05/2005 12:00 AM (UAE) Dubai: Dubai Ports World, the emirate's international port operations arm, refused comment on Sunday on speculation that Singapore's Temasek Holdings may be launching a rival bid for P&O's ports and ferries group. Last Tuesday, DP World outbid rivals for Britain's oldest and world's fourth largest shipping group Peninsular & Oriental Steam Navigation Co in an all-cash $5.69 billion (£3.3 billion). It will make DP World the third-largest port operator of the world after Hutchison Whampoa and Temasek's Port of Singapore Authority. By Friday there were signs that Singapore, which ranks second-largest, was throwing a spanner in the works. In news reports Temasek confirmed it purchased 24.3 million shares, or 3.2 per cent, of P&O on Thursday. Unconfirmed market reports raised that stake to up to five per cent by Friday's close of trading at the London Stock Exchange. News was also circulating in the London markets that Temasek had authorised UBS, its financial advisors for the bid, to buy up to 10 per cent stake in P&O. Asked by Gulf News to comment on these reports, a DP World spokesman said, "We cannot comment on speculation on what others may or may not do. We have made an attractive offer that has been recommended unanimously by the P&O board." Temasek, UBS and P&O were not available for comment yesterday. P&O shares rose sharply by more than 11.4 per cent to almost 494 pence on Friday in expectations of a bidding war. Dubai Ports has offered 443 pence per share in an all-cash bid, an offer 24 times last year's earnings and 46 per cent above P&O's share price before news of the talks emerged. Industry observers said it was a very generous offer but said bidding wars were part of corporate world takeovers. "Dubai will certainly have taken all possible scenarios into consideration. It is a matter of shareholders' approval and the board cannot dictate their terms," said Dr. Khalid Maniar, managing partner, AGN Mak, Dubai-based business consultants. Analysts said Temasek's bid appeared to be an effort to influence DP World's management decisions when it acquires a major stake in P&O. Corporate games Singapore must buy 20% to stop Dubai DP World owns 1.8 per cent of P&O. With its generous cash offer last week, it has received irrevocable undertakings and letters of intent to vote in favour of its offer with respect to approximately 18.6 per cent of P&O's issued deferred stock. Singapore would need to buy about 20 per cent of P&O to stop the Dubai takeover if that is what their intention is, say analysts. There is a 'break (compensation) clause' whereby P&O has agreed to pay DP World an inducement fee of £34 million if: the deal does not come through; a third party announces a firm intention to make an offer; the scheme is not sanctioned by deferred stockholders at the court meeting or all of the resolutions required to implement the scheme at the extraordinary general meeting are not approved at the EGM. A request will be made to delist the P&O stock from the London Stock Exchange approximately four business days after the effective date. While DP World was not commenting on these points, analysts said it was unclear what strategy would unfold.

To: Jim McMannis who wrote (277393)	3/1/2006 10:03:40 AM
From: bentway	Read Replies (1) \| Respond to of 1573092

You guys are assuming the terrorists would be happy just to splode a nuke anywhere in the US, at any old port or even offshore. Wouldn't they be SO much more pleased by a nuke in one of the 95% of uninspected shipping containers that they had trucked to Washington and blown up?