ICTSI denies deal with PSA for P&O assets
Manila, Philippines-based international port operator International Container Terminal Services Inc. has denied that it has made a deal with PSA International to purchase P&O Group assets in the event of PSA winning the bidding war with DP World.
ICTSI issued a statement to the Philippine stock exchange after a newspaper article wrote that PSA plans to break up P&O’s assets upon takeover with tentative agreements already reached with ICTSI and A.P. Moller, the Danish parent company of APM Terminals and Maersk Line.
“We deny that ICTSI has entered into a ‘tentative’ deal with PSA International should it win P&O from Dubai Ports. We note that this news item contains mere speculations from analysts, and we do not wish to comment on their speculations,” ICTSI said.
PSA is yet to make a formal bid for P&O although the London-based ports and ferries group announced last week that PSA had made a '3.5 billion ($6.2 billion) approach, equal to '4.70 ($8.30) per share.
The potential bidding war between PSA and DP World has seen P&O’s share price on the London stock exchange rocket, reaching '5.01.75 ($8.85) at close of trading Tuesday.