Istithmar to auction ISS

The port and shipping agent Inchcape Shipping Services (ISS) is set to be auctioned off by the Dubai investment group Istithmar, Reuters has reported, citing bankers close to the matter. Sources previously told the news service that Istithmar was looking for a $700m price tag for the sale. Bank of America Merrill Lynch and Royal Bank of Scotland have been appointed as sell-side advisers and are working on a staple financing backing the sale, one of the sources said, which is attracting interest from private equity firms.