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Published: 14 July 2011
Mitsui bids for Portek
Mitsui & Co has launched a S$221M (US$180M) bid for Portek International
Competition to take over the Singapore-based international ports operator has sharpened with the annoucement of Mitsui's bid. ICTSI's offer for Portek was announced at the start of June (http://www.worldcargonews.com/htm/w20110601.579728.htm)
In the same month the Singapore Securities Council gave a "mystery" second bidder until 20 July to reveal its indentity and the details of its offer (WorldCargo News, June 2011, p18). Hence, Mitsui may or may not be that second bidder; if it isn't then a third bid could be disclosed within a week from now.
Mitsui's offer of S$1.40 a share for all Portek shares is 17% higher than ICTSI's offer; as it is a 100% offer it includes buying the 4.82% stake that ICTSI alrready has in Portek. ICTSI is understood to be considering revising its bid.
Buying Portek, which operates seven port terminals in Indonesia, Africa and Malta, would help the Japanese group expand its cargo loading and unloading facilities business in emerging markets.
“For Portek, being part of a larger group is better when you want to acquire ports in emerging countries,” Goh Han Peng, an analyst at DMG & Partners Securities Pte in Singapore, is quoted. “The acquisition will enable Mitsui to gain immediate access to emerging market port operations.”