PSA FINALIZES TAKEOVER OF ANTWERP PORT GROUP

PSA FINALIZES TAKEOVER OF ANTWERP PORT GROUP    Singapore’s terminal operator PSA Corp. has signed an agreement that closes its previously announced bid for a takeover of a majority stake in the Belgian-based Hesse Noord Natie port operations of Compagnie Maritime Belge nv and Noord Natie.
   Under the agreement, PSA will acquire a majority shareholding in the Belgian port management and operations company, Hesse Noord Natie. The company will be formed by the merger of Hessenatie N.V., a wholly-owned subsidiary of Compagnie Maritime Belge, and the port operations of Noord Natie.
   The Belgian company “will be one of the leading terminal operators in Northern Europe with key operations in the ports of Antwerp and Zeebrugge,” the three parties to the agreement said in a joint statement. Last year, the port businesses involved handled approximately 3.9 million TEUs.
   Hesse Noord Natie will operate a total of 22 terminals, including six container terminals, in Antwerp and Zeebrugge.    The company provides port and logistics-related facilities and services, including container handling, roll-on/roll-off, general cargo, fruit handling and storage.
   The signing of the sale and purchase agreement follows from the earlier “heads of agreement” signed in March. Closing of the transaction is subject to the satisfactory fulfilment of certain conditions, including local competition clearance and completion of the merger between Hessenatie and Noord Natie.
   The transaction values 100 percent of Hesse Noord Natie at euro 638 million ($600 million). An additional payment of up to euro 12 million ($11 million) may be made, dependent on Hesse Noord Natie’s financial results in 2001.
   PSA expects to acquire between 65 and 80 percent of the shares in Hesse Noord Natie. Compagnie Maritime Belge and Noord Natie are expected to retain an aggregate interest of 20 to 28 percent. Under the agreement, the Belgian Railways NMBS would become a shareholder of Hesse Noord Natie.
   The deal marks Singapore-based PSA’s entry in the northern Europe container terminal market. PSA is, alongside competitors Hutchison Ports, P&O Ports, Maersk Ports, ICTSI and Stevedoring Services of America, one of the largest international container terminal operators.