Shareholders back DP World's London delisting

AP News
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Posted: Dec 18, 2014 6:50 AM

DUBAI, United Arab Emirates (AP) — DP World, one of the world's largest port operators, says its shareholders have approved delisting from the London Stock Exchange and the acquisition of a Dubai government-linked operator of free-trade zones for $2.6 billion.

Chairman of DP World Sultan Ahmed Bin Sulayem said in a company statement Thursday that the acquisition of Economic Zones World will help the company enhance its logistics operations. EZW runs the vast Jebel Ali free zone complex in Dubai and DP World operates its nearby port.

Both companies are majority-owned by the government through its Dubai World conglomerate.

The EZW transaction will be completed during the second quarter of 2015.

The delisting is expected to take effect around Jan. 21. DP World will maintain its listing on the Nasdaq Dubai.