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Dubai-based DP World has succeeded in acquiring UK port and ferry operator P&O, following the withdrawal of Port of Singapore Authority (PSA) from the bidding. P&O’s shareholders overwhelmingly approved the offer on 13 February. PSA withdrew following submission by DP World in late January of an offer of£5.20 ($9.23) a share, valuing the operator at£3,880 million ($6,890 million) and exceeding by a considerable margin PSA’s bid of£3,540 million ($6,285 million) earlier in the month. ‘For PSA, to pay more than this price would not be compatible with commercial business success,’ said the company, announcing its withdrawal.