DP World reiterates intent to sell U.S. terminals

DP World reiterates intent to sell U.S. terminals    Dubai Ports World Chairman Mohammed Sharaf was referring to possible future acquisitions when he expressed interest in the U.S. marine terminal market in an interview with Agence France-Presse last week, a spokesman for the company said.
   The AFP story was unclear about whether DP World planned to abandon its promised divestment of U.S. port properties and stevedoring businesses acquired in March from London-based Peninsular and Oriental Steam Navigation Co., and try to retain the North American business unit once Congress reforms rules governing reviews of foreign investments. Congress was prepared to block the sale on security grounds until the emir of Dubai decided to pull sell the subsidiary to avoid further controversy.
   A spokesman for DP World said Sharaf’s comments about re-entering the U.S. market following what he called a “temporary setback” did not refer to the current sale process underway for the P&O Ports North America unit.
   “We are going forward with the sale of P&O Ports North America as previously advised, and we hope in the future conditions will permit us to participate in the United States, which is the world’s largest economy. We have been welcomed in all other countries in which we operate, and anticipate one day we will be welcome in the United States,” the spokesman said.
   Deutsche Bank is handling the P&O sale for DP World. Release of P&O’s financial books for review by interested bidders has been delayed for several weeks. One of the major hurdles has to do with listing the company’s assets according to generally accepted accounting principles related mergers and acquisitions, the spokesman said.
   Quantifying assets has proven complicated because P&O North America operates terminals or cargo handling businesses in 22 ports on the U.S. East and Gulf coasts. Each facility has unique ownership situations ranging from different terminal leases with separate port authorities to complicated joint venture arrangements.