DP World, the world's third largest port operator, has commissioned Deutsche Bank and Dubai's Shuaa Capital to work out a plan by the fall for a partial flotation or refinancing of its P&O unit, reports The Times of London.
It is understood that the Dubai government wishes to retain control of P&O after a minority share sale, from which it is hoped to raise GBP1 billion (US$1.9 billion).
Last year, DP World shelved plans for a London float because of unstable markets at the time. It was hoped to raise GBP6 billion in that Deutsche Bank-Merrill Lynch managed sale that would have disposed of 20 per cent of the group,
It is understood that the Dubai government wishes to retain control of P&O after a minority share sale, from which it is hoped to raise GBP1 billion (US$1.9 billion).
Last year, DP World shelved plans for a London float because of unstable markets at the time. It was hoped to raise GBP6 billion in that Deutsche Bank-Merrill Lynch managed sale that would have disposed of 20 per cent of the group,