2007

DP World Deal Hits Minor Snag

Imagine buying a ship with a charter attached. The charterer has to sign off on the transaction. The situation in New York where the Port of NY/NJ is asking for a cool $84 million in order to approve the lease transfer is not much different. The demand is reported by the Wall Street Journal to have “cast the overall transaction into jeopardy.” Expect the issue to be resolved.

US concession rights other than New York/New Jersey being sold to AIG are said to have received local approvals. These include contracts to run terminals in Baltimore, Miami, New Orleans, Philadelphia and Tampa, as well as stevedoring operations elsewhere.

This is only an excerpt of Mergers & Acquisitions – 02/15/2007

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