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Business News

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.