Dubai Firm May Buy London’s P&O Port Company

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London-based global port and logistics firm has received overtures to be bought by a Dubai company for about $5 billion, the Wall Street Journal reported Monday.

United Arab Emirates firm Dubai Ports World sought a meeting recently with the London company, Peninsular & Oriental Steam Navigation, the Journal said, citing a report first published in the London Sunday Times.

P&O, which has port and logistics operations and 22,000 employees worldwide, last year lost about $257 million on $4.35 billion in revenue, the Journal reported.

If the deal happens, it would be the latest consolidation in the worldwide container-shipping business, the paper said.