iPhone | iPad
Android
Huawei
The last strike, in 2008, lasted 57 days
KT APPDOWNLOAD
SSA Marine may lead takeover of P&O in the US
DUBAI — Speculation is growing in the US that SSA Marine, the biggest cargo handling and marine terminal group in the US, is likely to take a lead role in any US equity group that takes over P&O Ports' US assets, after DP World was forced to pull out of this part of its purchase deal for P&O.
SSA was already a 50:50 partner with P&O Ports North America in River Stevedores, which operates terminals in Philadelphia and Camden, and is also a stevedore in Wilmington, shipping industry sources said. The sale process of the whole of P&O North America's US assets is being supervised by executives from P&O's London office. The New York office of Deutsche Bank Securities is acting as financial adviser on the sale with New York law firm Sullivan & Cromwell retained as legal advisers.
DP World expects to receive at least $750 million from the sale of its US port assets, following the controversy in the US over its acquisition of the UK's P&O, according to the company.
Earlier this year DP World said many US companies interested in acquiring its business in the US have approached the company which is confident of receiving some $750 million plus for the deal. DP World has agreed to sell its US business provided it does not bear any losses.
Deutsche Bank has set up a data room containing all the necessary information about the DP World US port assets for potential buyers. Dubai Ports World does not rule out a possibility of buying ports in the US in future provided the right legislation is in place.
The US is not the only problem area for Dubai Ports World.
Indian government officials say the company will require the government's approval before taking over P&O Ports' container terminal assets in the country.
Under the concession agreements signed by private port operators and Port Trusts, any change in equity structure must be approved by the government.
According to the Indian Shipping Ministry, necessary safeguards to prevent monopolistic practices, tariff hikes and trade diversion have been built into the agreements, which cannot be violated.
However, Dubai Ports World officials have been continuously denying that the company faces any difficulties in India.
More news from
Monthly supply of 100,000 metric tonnes of crude oil will be secured until the end of 2025
China issues red alert, warns of gales and heavy rain
The pair tangled while battling for third place behind winner Oscar Piastri of McLaren and Ferrari's Charles Leclerc
Transaction includes approximately 86 million shares of Ma’aden and $150 million in cash
Celebrity endorsements rarely carry enormous weight, but the hugely popular Swift is seen as being in a class of her own
Zelenskiy is due to meet with US President Joe Biden this month and will present a plan for ending the war
Brazil has been parched by a historic drought that experts link to climate change and which has sparked what authorities have called a 'fire pandemic'