Rise in P&O shares

Port operators P&O saw its shares rise after the news that there may be a bidding war for the British based company.

P&O Ferries have transported Irish hauliers across the Irish sea for decades, but they may be sailing under a different banner in the not too distant future.
The company is estimated to be worth in the region £3 billion, but could go for as much as £3.7 billion if the bidding war occurs.
"This is the fourth-largest global container port operator and the only sizable one that is institutionally owned, making it a unique set of assets," said analysts Dresdner, Kleinworth, Wasserstein.

P&O shares rose as high as 429p in early trade, their highest since February 2000, and by afternoon were up 31 per cent at 405p, valuing the firm at £3 billion.