P&O Stena Line was formed in 1998 following the merger of P&O European Ferries (Dover) Ltd and the short sea operations (Dover and Newhaven) of Stena Line. Ownership of the new company was 60/40 in favour of P&O with all shore and sea management performed by P&O. Voting rights between the two companies was however 50/50. In April 2002, P&O announced its intention to buy out the 40% stake in P&O Stena Line owned by Stena and this was completed by August. P&O Stena Line then became part of the newly formed P&O Ferries.