Slaughter and May sparks P&O bidding war

Slaughter and May has bagged an instruction to advise PSA the rival bidder that moved to trump DP World’s £3.33bn offer for P&O.

P&O, which is being advised by Freshfields Bruckhaus Deringer, confirmed last night that it had received an approach from PSA of 470p-a-share. At the end of November 2005 P&O agreed a 433p bid from DP World, the Dubai state-owned port operator.

PSA, which is owned by Temasek, the Singaporean state investment company is understood to have a relationship with Clifford Chance. However, Clifford Chance is advising DP World on the financing aspects of its bid for P&O.

It is understood that the Slaughters team is being lead by the firm’s head of M&A Stephen Cooke, who was unavailable for comment.