DPW boxes-in South Asia
The battle raged fierce and fast. Two major players in the international port operations arena had fixed their sights on a prize both considered crucial to their future. But when two eager suitors line up for the hand of the same maiden only one can win.
In the full glare of wide media coverage both Port Singapore Authority (PSA) and Dubai Ports World (DPW) fought a fierce battle to take over P&O Ports. But in the end PSA decided that it could not better DPW’s offer of $6.8 billion and P&O’s shareholders voted overwhelmingly in favour of accepting the DPW offer.
At stake was not merely a hugely profitable company with some superb concessions in ports across the world. Had PSA succeeded in taking over P&O, it would have become the No 1 port operator in the world. As it is, in 2005 PSA regained its position as the world’s busiest port from Hong Kong by moving 23.2 million TEUs. In terms of shipping tonnage handled, Singapore is the world’s busiest port as well as one of the largest bunkering centres. All this led to an increase of more than 20 per cent in net profit and boosted the bottomline of the group. By 2018 PSA hopes to double its current output and reach the staggering figure of 50 million TEUs per annum.
More: thehindubusinessline.com
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More: hindustantimes.com
