P&O’s cross-Channel ferry operation is sailing into uncharted waters after shareholders backed a £3.9bn takeover bid by Dubai Ports World.

They gave overwhelming support - 99.5 per cent - to the proposed buyout by a company that has close links to the Government of the oil-rich Gulf state.

The deal will create the world third-largest ports group.

A rival bid by the Port of Singapore Authority – owned by Singapore’s state-run investment firm Temasek – was eclipsed by DP World’s knock-out offer and PSA International pulled out of the race.

P&O staff and bosses at Dover will be anxiously seeking the intention of its new owners towards the ferry operation to Calais.

P&O has been caught up in a fierce price war on the Channel as the number of passengers crossing to France has fallen. Hundreds of staff have been laid off.

The takeover will bring to an end 165 years of UK ownership.

P&O was founded in 1837 and in the 1920s, owner a fleet of almost 500 ships.

DP World has been looking for investments as world trade expands. It sees rich pickings in P&O, mainly for its port and cargo operations.

It has ports in various locations, including Abu Dhabi, Adelaide and Busan in Korea. The combined operation will have 51 terminals and a presence in 30 countries.

It remains less clear what it will do with its ferry operation.