Maersks Offer Supported by P&O Board

The board of P&O Nedlloyd supported an A.P. Moller - Maersk offer of Euro 57 per share for its ordinary shares. In the board’s statement, P&O said, “The offer price represents a 40.6% premium to P&O Nedlloyd's pro forma ex-dividend closing share price of May 9, 2005 the date prior to the confirmation that parties were in discussions”

At the same time P&O Nedlloyd released its statement about the Maersk offer, it also released first-quarter financial results. Revenues were up 16% to $1.7 billion and operating profit improved 252% to $74 million. P&O managed to increase average freight rates 14% and volume increased 5% during the quarter.

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