PLANS for a £1.4bn container port and business and logistics port at Corringham remain on track despite the proposed takeover of its developers P&O.
Dubai Ports World agreed to buy UK ports and ferries group P&O for £3.3bn on Tuesday, creating the world's third-largest ports company.
And the planned London Gateway development at Shellhaven, the site of the former Shell refinery on the Thames at Corringham, is seen by the likely new owners as a key part of the enlarged company's development.
Sultan Ahmen bin Sulayem, chairman of DP World, said: "Our acquisition of P&O will create a top three global ports operator with the scale and network to service an increasingly global customer base.
"The strategic fit of the two companies' complementary global ports portfolios and the strong development pipeline, including London Gateway, is particularly compelling."
The new owners plan to retain P&O's existing management structure and headquarters in London. P&O chairman Sir John Parker said: "DP World have made it clear they regard the management and employees as key to the ongoing success of the combined entity and that they recognise the importance of P&O's ferries and properties divisions, as well as ports."
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