DP World secures stockholder vote to acquire P&O

The transaction has also been chaired by all the relevant regulatory authorities, the Committee on Foreign Investment in the United States and the United States Hart-Scott-Rodino Antitrust Improvements Act. The parties continue to anticipate closing by 2 March 2006.

The voting on the resolutions was as follows:

Each of the adjourned Court Meetings, Class Meetings and Extraordinary General Meeting of P&O, convened in connection with the recommended acquisition of P&O by DP World, was held and all the resolutions proposed were approved by the necessary majorities of Stockholders.

At the adjourned Deferred Stockholders Court Meeting, a majority in number of Deferred Stockholders who voted (either in person or by proxy), representing 99.52 per cent. by value, voted in favour of the resolution to approve the Deferred Scheme. Accordingly, the resolution was passed.

At the adjourned Concessionary Stockholders Court Meeting, a majority in number of Concessionary Stockholders who voted (either in person or by proxy), representing 95.12 per cent. by value, voted in favour of the resolution to approve the Concessionary Scheme. Accordingly, the resolution was passed.

At the adjourned Deferred Class Meeting, the resolution in connection with the implementation of the Deferred Scheme was passed. At the adjourned Concessionary Class Meeting, the resolution in connection with the implementation of the Concessionary Scheme was also passed. In addition, at the adjourned Extraordinary General Meeting, the resolutions in connection with the Acquisition were passed.

Other than the sanction of the Court, which will be sought at a hearing expected to be held on 27 February 2006, all conditions to the completion of the Offer, the Concessionary Stock Acquisition and the Preferred Stock Cancellation have now been satisfied or waived. Therefore, it is expected that completion of the Acquisition will occur on 2 March 2006.

The acquisition of P&O is a major development for DP World in progressing its strategy as a top three global ports operator with the scale and network to service an increasingly global and consolidating customer base.

Sultan Ahmed Bin Sulayem, DP World's Chairman commented:

'We are delighted that stockholders have voted to support our acquisition of P&O which brings to an end a period of uncertainty.

P&O is an excellent company with a great heritage and we welcome them warmly to the DP World family. Together we are one of the world's top three ports operators. There can be no doubt about the compelling strategic fit the companies have together. This is very good news for our customers and our combined staff.'