DP World, which was created in September by the merger of Dubai Ports Authority and Dubai Ports International, has declined to comment on reports that it has tabled a bid of in excess of $5,000 million to acquire the UK's P&O. The UK firm has confirmed initial contact from a potential Gulf buyer without providing further details.
According to reports in the UK press, Deutsche Bank, is advising DP World on the bid. A number of other international operators are expected to submit bids for P&O, which reported a sharp downturn in first-half earning and has been undergoing a shake-up of its business recently. DP World is expanding aggressively abroad and in early November announced the acquisition of a coastal site at Yarimca in Turkey where it will develop and operate a greenfield container terminal. Investment of some $170 million is planned in terminal infrastructure and construction will begin in 2006 with completion due in 2008. The port will have capacity of more than 1 million 20-foot equivalent units (TEUs). DP World is the world's sixth largest port operator. It runs 18 ports and handles about 12.5 million TEUs a year (MEED 7:10:05). www.meed.com/transport
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