A TAKEOVER offer worth £3.3billion has been agreed by P&O, who say that jobs, including ones on its Dover-Calais ferry routes will be safeguarded.

Dubai Ports World (DPW), owned by the Dubai Government, submitted the bid for the company last month, and the deal represents 443 pence per share in cash for the company.

DPW manages ports in Europe, Asia, Australia and South America, while P&O has a ferries, ports and logistics division.

Speculation around the takeover approach focused attention on the fact that ferries are a small part of P&O’s operation and led to fears, by transport unions, that any takeover would asset strip and take jobs away from Dover.

But DPW say said it planned to run P&O as a separate business. P&O’s headquarters in London will be retained and chief executive Robert Woods would continue to head the business.

In a letter from P&O chairman, Sir John Parker, to Dover MP Gwyn Prosser, Sir John made it clear that DPW has made no proposals to change the way the company is run.

The letter added: "DPW have made clear they intend to continue to own all P&O’s businesses and to run them successfully. DPW has considerable resources and are committed to continued expansion and see new opportunities for employees as a result."

Sir John added: "DP World’s offer recognises that P&O is a unique brand with an exceptional footprint of international port assets.

"P&O is one of the top four international port operators, with 29 container terminals and operations in 18 countries across the globe.

"The Board believes this all cash offer is in the best interests of the deferred stockholders, who will receive a substantial return on their investments.

"DP World also recognise the importance of P&O’s ferries and properties divisions as well as ports."

The takeover brings to an end 168 years of history at the firm, which was founded in 1837 and carried cargo within the British Empire.