Ports and ferries group P&O has agreed to be bought by Dubai Ports World in a takeover deal worth £3.3bn.
Last month, P&O announced that it had been approached by a potential bidder and speculation mounted that Dubai Ports was behind the talks.

DP World, owned by the Dubai government, said it planned to keep P&O's headquarters in London and chief executive Robert Woods would continue to head the business. Founded in 1837, P&O has three divisions - ferries, ports and logistics. Company sources have said that there will be no change to services from Larne as a result of the takeover.

P&O chairman Sir John Parker said "We did not solicit the bid but we received an attractive proposition. It was followed by some very tough negotiations,"
"Putting P&O and DP World together will create one of the top three leading ports groups in the world."