P&O Nedlloyd completes IPO
Royal P&O Nedlloyd N.V., the Dutch company that now owns 100 percent of P&O Nedlloyd Container Line, has started trading on the Euronext stock market in Amsterdam following completion of the restructuring of Royal Nedlloyd and the buyout of former London-based partner Peninsular & Orient Steam Navigation Co.
The transactions effectively allowed P&O Nedlloyd, the world’s fourth-largest container shipping line, to become an independent public company, instead of a joint venture owned by two listed public companies.
P&O Nedlloyd said today it has:
* Completed the acquisition of P&O’s 50 percent stake in P&O Nedlloyd.
* Renamed Royal Nedlloyd as Royal P&O Nedlloyd.
* Independently listed P&O Nedlloyd through Royal P&O Nedlloyd.
* Seen the admission of Royal P&O Nedlloyd new ordinary shares at the Euronext stock exchange.
* Closed a rights offering.
* Implemented a one-tier board structure at the company.
Royal P&O Nedlloyd has a share capital of 40.6 million ordinary shares. Based on today’s stock price of 30.63 euros, this means that the company has a market capitalization of about 1.2 billion euros ($1.4 billion).
“It is the culmination of our plan to give P&O Nedlloyd the independent status it needs to grow and flourish,” said Andrew Land, chairman of Royal P&O Nedlloyd.
Philip Green, chief executive officer, described today as “an historic day” for the company.
In return for selling its 50-percent stake in P&O Nedlloyd, the P&O group will receive 215 million euros in cash and 10.2 million ordinary shares in Royal P&O Nedlloyd, representing a 25-percent interest.
P&O has agreed to retain its 25 percent shareholding in Royal P&O Nedlloyd for a minimum of six months, subject to certain exceptions.