Ports and ferries business P&O has agreed to a £3.3 billion takeover deal by Dubai Ports World.
P&O said in a statement Dubai Ports (DP World) had offered 443 pence per share in cash for the company.
The deal marks the end of 165 years of independence for P&0, which is the world’s fourth largest ports group.
The potential new owners said they intend to keep the company’s headquarters in London, along with chief executive Robert Woods.
“Putting P&O and DP World together will create one of the top three leading ports groups in the world,” said P&O chairman John Parker.
