P&ON quashes rumours of 'split'

DESPITE MARKET rumours, currently circulating statements about P&O and Nedlloyd "splitting up" bear little resemblance to the truth, according to P&O Nedlloyd's SA m.d., Nigel Pusey.
Effectively, he told FTW, the two lines cannot "split" PONL.
With it being a 50-50 joint-venture between the two shareholders, all that either party can do is sell their shares or part of their holding, Pusey said.
And the source of the rumour, he added, could possibly be the latest P&O annual report, where the line stated it "wanted to reduce its exposure" to PONL although still wanting to retain what it termed "a strategic shareholding".