Sunday, November 05, 2006

Now the French Want Our Ports! Sacre Bleu!

French CMA CGM Group interested in P&O Ports North America

France’s CMA CGM has formed a consortium with investment bank Morgan Stanley to prepare a bid for P&O Ports North America, reported London’s The Business. No one from the Marseilles-based company could be reached for comment. Dubai state-owned company Dubai Ports World is being forced to sell off the company after security fears among U.S. politicians about a foreign company controlling U.S. ports. It is thought that CMA CGM is a minority partner with Morgan Stanley. DP World acquired P&O Ports North America in March as part of its $6.8 billion takeover of London-based Peninsular and Oriental Steam Navigation Co. Deutsche Bank, which is running the process for DP World is calling for final bids by the end of this month. Reports suggest that bids have been received above the $700 million evaluation.


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