Ports operator DPW to list in London

Shares in DP World, the third largest ports operator in the world, are to start trading on the London Stock Exchange on 1 June, marking the effective return of P&O to the London market.

The state-controlled DP World bought P&O's port operations in 2006 and has stakes in Southampton and Tilbury container terminals as a result. The company, which posted profits of $451m last year, is considered one of the more profitable units of the debt-laden Dubai World.

Its shares already trade on the Nasdaq Dubai, where it is valued at £7bn. Only a fifth of its shares are floated and no new equity will be issued in the London listing.