The Hindu Business Line : Bidding for port control

Early this year, DP World's bid to acquire the operations of five US ports by virtue of its acquisition of P&O Ports's global operations kicked off a political storm in the US, so much so that the New York and New Jersey Senators pushed for a legislation to prevent foreign government-controlled companies from buying US port operations. The final bids are due in this month. Meanwhile, reports doing the rounds in shipping circles say that the French shipping giant CMA-CGM has formed a consortium led by the US-based Morgan Stanley to bid for the US-based assets that DP World tried to acquire.

The other bidders include Seattle-based Stevedoring Services of America and the private equity firm Carlyle Group. In another development, Orient Overseas International Ltd is reported to be considering selling off its North American terminals located Deltaport and Vanterm in Canada, Long Beach Container Terminal in California, Global Terminal in New York and New Jersey and Howland Hook in Staten Island, New York.

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