Mitsui to acquire Portek
Mitsui and Co., a Japanese conglomerate, has won a bidding war to acquire a majority share in Singapore-based niche port operator Portek, according to news reports out of Asia.
The company outbid Philippines-based International Container Terminal Services, Inc. (ICTSI) for Portek. ICTSI has a 16.7 percent stake in Portek through shares acquired in the open market.
American Shipper profiled Portek in December 2008.
Mitsui's bid is reported to be about $180 million. The company said it has the backing of more than half of Portek shareholders, and has indicated it will delist Portek, according to a report from Channel NewsAsia.
Analysts expect Mitsui to integrate Portek's operations with its own as a wholly owned subsidiary, leaving ICTSI to decide whether to try to retain its share or sell to the Japanese company.
Portek operates a diverse network of eight terminals in small ports in Southeast Asia, Africa and the Mediterranean. It also focuses on port equipment sales and leasing, engineering and refurbishment.
Mitsui to acquire Portek
Key Takeaways:
- Mitsui & Co. acquired a majority stake in Portek, a Singapore-based port operator, for approximately $180 million.
- Mitsui outbid International Container Terminal Services, Inc. (ICTSI) in a bidding war.
- Mitsui plans to delist Portek and integrate its operations as a wholly owned subsidiary.
- Portek operates eight terminals across Southeast Asia, Africa, and the Mediterranean, also involved in port equipment and services.
Key takeaways sponsored by SONAR
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