P&O is to buy Stena Line's 40 per cent shareholding in P&O Stena Line for €245 million.
The ferry company says the deal will strengthen its position in a part of the ferry market that has been consistently profitable and which offers a strong growth. Stena Line is one of the main ferry operators out of the Republic of Ireland.
P&O also announced today that about 100 port jobs at Felixstowe in England and Zeebrugge in Belgium are will be lost due to proposed cuts to its continental European ferry operations.
Mr Peter Smith, P&O's director of communications and strategy, said about 50 shoreside jobs would go at both ports, subject to consultations with trade unions and works councils.
He said a further 30 workers at Zeebrugge would likely lose their jobs.
PA
