Three corporations in hunt for SSA takeover

Three corporations in hunt for SSA takeover    Three potential suitors for SSA Marine, the largest U.S.-owned terminal operator, are readying bids in excess of $2 billion, Bloomberg reported Friday.
   Carlyle Group, Macquarie Bank Ltd. and Babcock & Brown Ltd. are all said to be planning bids for the Seattle-based company, which handled 22 million standard containers last year and operates in more than 120 locations, including the United States, Panama, Mexico, Chile, Costa Rica, South Africa and New Zealand.
   All of the reported bidders are investment banks or private equity firms. Carlyle Group is a large buyout firm based in Washington. Macquarie Bank and Babcock & Brown are the two largest Australian investment banks. Babcock & Brown bought PD Ports in England for $589 million earlier this year. In the past 18 months, financial services and investment firms have been creating asset management funds and furiously raising money to invest in large transportation infrastructure facilities such as ports, airports and highways as these business models show greater profit potential.
   SSA Marine said in March that it had received “recent inquiries from many companies looking to partner with, or invest in SSA Marine, as well as the opportunity to acquire additional operations.” The company said none of the alternatives would involve selling control of our U.S. operations to a company owned by a foreign government.
   SSA Chief Executive Officer Jon Hemingway told the Seattle Times, “People have no idea what we’re really up to.”
   As to whether a transaction with such an investment group would position SSA to buy the U.S. assets of Dubai Ports World, which are currently on the market after Congress forced the sale over alleged security concerns, Hemingway said, “Anything is possible.”
   In March, SSA hired Citigroup Inc. as an advisor to any sale. The bids are expected to arrive by July, Bloomberg reported.