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DP World thwarted in Australian merger plans

DP World thwarted in Australian merger plans

Dubai: DP World has abandoned a planned merger of its wholly-owned Australian subsidiary P&O Maritime Services with offshore oil services firm Mermaid Marine Australia. The Middle East port operator said it was "disappointed" the deal agreed in December had stalled.

"Mermaid Marine said last week its financial performance had substantially exceeded expectations and it believed the agreed merger ratio was no longer appropriate," DP World said in a statement.  [01/03/07]

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