KEY ELEMENTS of the P&O Nedlloyd agreement are:
shares in P&O Nedlloyd will be held 50% each by the two lines with Nedlloyd making a balancing payment of $175 million (R787,50m) to P&O to equalise the shareholdings; P&O Nedlloyd will be a UK company based in London with fleet management in Rotterdam; the new company will have a board of eight members with four from each shareholder and chaired jointly by Lord Sterling and Leo Berndsen; the chief executive officer will be Tim Harris; P&O Nedlloyd will enter into full operation as soon as possible but not later than 31 December 1996.
