Mitsui to acquire Portek

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.