The Deal
Sunday, November 8, 
7:27 am

A war of the port operators

  Share     E-Mail    Discussion    Print Story

In Europe this morning: a bidding war heats up and a corporate restructuring is well under way.

Laying the groundwork for what’s sure to be a heated bidding war for ferry operator Peninsular & Oriental Steam Navigation Co., Singapore’s PSA International Pte. Ltd. entered a long-awaited $6.34 billion offer for the U.K.-based company, offering 6.6% more than Dubai-based DP World bid in November.
 
  The P&O board unanimously supported PSA’s offer, which, if accepted, will make PSA the No. 1 ports operator world-wide, claiming the title from Hong Kong’s Hutchison Whampoa Ltd.
 
  The 470 pence-per-share offer, however, is lower than the 500+ range P&O has been trading at recently with investors anticipate the bidding war ahead.

In other news out of Europe this morning, Dutch pharmaceutical group Akzo Nobel SA said it has agreed to sell two chemicals businesses, expecting to announce deals to sell nine other units in the next six months.

The company said it will unload its 65% stake in Malaysian oleochemicals joint venture to Lam Soom Group for $29 million and its Electro Magnetic Compatibility business to U.K.-based ETL Semco KK for an undisclosed amount.

The divestures are part of a larger effort the company began in February 2005, to curb debt and streamline the company’s chemical activities into key areas. — Carolyn Murphy

PSA wins P&O's hand
Akzo Nobel advances disposal plan 
Today's Deals

Continue reading below

Also on Dealscape





Post a comment





The Deal Pipeline

Deal Video


Inside The Deal: Linklaters' Schmidt says how regulators handled Pfizer Inc.'s acquisition of Wyeth is an outlier of how others merger reviews will be conducted.


More video...

Crisis On Wall Street
Technology
Deals of The Decade

Community

Industry Insight

Dealing with frozen bank lending

If your bank is not willing to lend, what can you do as your company continues to seek growth?


Judgment Call

The coming age of the renminbi

The Chinese currency will play an increasingly important role in international commerce and finance.


Industry Insight

Banking on PE investments

Howls of protest greeted the FDIC policy statement, but the financial services industry should get over it.


footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg


©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.