Royal Nedlloyd stockholders approve P&O Nedlloyd buyout
Stockholders of Rotterdam-based Royal Nedlloyd on Tuesday voted to approve the buyout of London-based partner Peninsular & Oriental Steam Navigation Co. from their joint venture P&O Nedlloyd Container Line.
The vote is one of the steps required to allow Royal Nedlloyd to complete a $602-million deal that will turn the container-shipping joint venture into an independent, stock market-listed company.
On completion of the buyout, Royal Nedlloyd will be renamed Royal P&O Nedlloyd and will consolidate P&O Nedlloyd Container Line as a 100-percent subsidiary.