PSA Clinch P&O Deal
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Yeah, finally!!! PSA is will be crown the number 1 port operator in the world.
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steady la PSA!
Posted: 26 January 2006 1633 hrs
P&O accepts takeover bid from PSA
SINGAPORE : Port operator PSA International is in the lead for the race to take over British ports and ferries group P&O.
This is after P&O agreed to an offer from PSA which values P&O at US$6.4 billion, or 3.5 billion pounds.
That works out to 470 pence a share, thumping an earlier offer of 433 pence from Dubai World Ports by some 7 percent.
PSA is seeking to strengthen its position in the shipping industry, and it has been looking for growth opportunities outside Singapore.
Last year it spent more than US$1 billion buying port assets in Hong Kong for better access to China's booming market.
PSA also has investments in 19 ports in 11 countries.
But a tie-up with P&O will give it greater presence in India, a market which is increasingly growing in importance.
P&O had actually agreed to a takeover from Dubai Ports World, which like PSA is also seeking become a key global player.
But since that deal was announced in November, there was speculation that PSA would get into the fray.
With PSA now having made a formal offer analysts are expecting Dubai Ports to come up with a counter bid, setting the stage for a bidding war.
If PSA gets to buy P&O, it plans to merge its operations with those of P&O, creating one of the world's largest port operators and overtaking Hong Kong's Hutchison Whampoa. - CNA /ct -
Thats good news. A lot of competitors will be very scared.
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Bad news is there might be a counter offer from DP.
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yes!!! and it will benefit the govt coffers and no one else!!!
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no horse run man PSA.
I thought there would be at least a show of resistance from the arabs but seems like they really bo ji
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not a done deal. There is also of oil money in Dubai, and I think the will submit a counter bid.Originally posted by KumSioJui:no horse run man PSA.
I thought there would be at least a show of resistance from the arabs but seems like they really bo ji -
With so much of Singapore Funds buying up all these overseas businesses - who will be " overseeing the management" of these investments ?
Who are the "authorised signatories" to these funds ?
Who will be ensuring that profits made will be returned to the source that funded these purchases ?
Who will be auditing and accounting these fund movements ?
Who will be answerable when these mega-dollar project flop and fizzle out ? -
Dubai has made counter bid of 520 pence a share
For those that still wants to argue of Temasek, it is sad as they are willing to let what happened on PSA's homeground 5 years back to happen again -
How can counter bid one? I don't think the game is played that way.
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Dun ever forget the deal for CSX, this Dubai just came in at the last minOriginally posted by Salman:How can counter bid one? I don't think the game is played that way. -
You must be out of your mind. what game? You are willing seller, and there are 2 willing buyer, whoever offer the most money will get the deal.Originally posted by Salman:How can counter bid one? I don't think the game is played that way. -
Personally I think Singapore should go all out for this deal. Lets hope Temasek will do a counter bid.Originally posted by sbst275:Dubai has made counter bid of 520 pence a share
For those that still wants to argue of Temasek, it is sad as they are willing to let what happened on PSA's homeground 5 years back to happen again -
Singapore owns so many businesses in the world. It has becomes a precious jewel in the sea of desert. Whoever grab the jewel, owns the world.
Beware Singapore. -
DB just offered another bid.... the battle continues
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It was already expected to be a long drawn bidding war..Originally posted by fedor86:DB just offered another bid.... the battle continues
But PSA should fight till the end -
DONT WORRY!Originally posted by dragg:yes!!! and it will benefit the govt coffers and no one else!!!
PSA WILL NEED money to finance such a big operation. They should be listing on the stock exchange soon. Be sure to grab it soon!
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Likey through bondsOriginally posted by shade343:DONT WORRY!
PSA WILL NEED money to finance such a big operation. They should be listing on the stock exchange soon. Be sure to grab it soon!
Listing maybe not for now, as I have pointed out, they are facing compeition from Pelabuhan Tg Pelepas and Westport, bth from Malaysia -
PTP? small fry lah. Unless that crooked bridge gets build, PTP will still remain a small threat.Originally posted by sbst275:Likey through bonds
Listing maybe not for now, as I have pointed out, they are facing compeition from Pelabuhan Tg Pelepas and Westport, bth from Malaysia
Now that Dubai Ports World has offered a counter bid, there is even more reason to list PSA. -
Though I would say even as Maersk and Evergreen have shifted their hubs to PTP, Maersk still makes PSA as their secondary hub in the coming mths.. Evergreen has still been using PSA facilities... But, the losses is already like a knife inside PSA's flesh... In fact, PTP has been trying to snatch Port Klang's volumeOriginally posted by shade343:PTP? small fry lah. Unless that crooked bridge gets build, PTP will still remain a small threat.
Now that Dubai Ports World has offered a counter bid, there is even more reason to list PSA.
List? It is rather better to come with bonds -
Regards to Evergreen Marine, there has been reports that the relations with PTP have been strained since the start they shifted hub to PTP back in 2002
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unless psa comes out with a s$11.9 billion bid, dp will be the new owner...looks like someone may have to start issuing some bonds pretty soon....
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Latest from Today's online afternoon addition.
PSA 'close to quitting P&O bid'
WITH exactly a week remaining before P&O shareholders convene to vote on a mega takeover offer for the British ports and shipping group, PSA International is mulling over its options but is unlikely to open a new front in the bidding war, The Business Times reports, quoting well-placed sources.
A Singapore-based source close to the deal is reported to have told the paper that PSA is still considering its options but is close to "throwing in the towel" in what many analysts consider to be an already over-priced contest.
The bidding war between PSA and Dubai Ports World has valued the UK-listed Peninsular and Oriental Steam Navigation at a staggering $11.5 billion.
The PSA's high-powered team is still in London but "you can't read too much into that", the source cautioned.
http://www.todayonline.com/articles/99456.asp -
if psa counter bid dubai will bid again.
only P&O shareholders stand to gain. -
Well, we have been known to grossly over pay for our overseas investments.
Let's see if this will be the case again.