P&O, the transport, property and construction group, yesterday disclosed it would sell £1 billion of assets over the next three years. The plan includes floating Bovis Homes, one of the 10 largest UK house builders, acquired in 1974.
It will sell at least £500 million of property by the end of 1998 and asset sales of £200 million have already been agreed this year, about £100 million of which was for property, according to chairman Lord Sterling of Plaistow.
The announcement was made as P&O recorded pre-tax profits down 8% last year to £320.4 million.
- Financial Times 27/03/96 page 20 (Lex), page 21, page 22, page 50
- Independent 27/03/96 page 20, page 21
- Guardian 27/03/96 page 19
- Daily Telegraph 27/03/96 page 22
- Times 27/03/96 page 25, page 28
