Wednesday, June 2, 2010
Inchcape Shipping bidders start to drop off
The auction of Inchcape Shipping Services, Istithmar's port and shipping agent, has hit an unexpected hitch as it enters its final phase, people familiar with the matter say, with some bidders dropping out and others expressing confusion about the information provided by the vendor.
At least two bidders for the company are believed to have dropped out, while those remaining in the auction are seeking more detailed information from the vendor and the vendor's advising banks, these people say.
Istithmar, part of Dubai's sovereign wealth fund, hired Merrill Lynch and Royal Bank of Scotland to run the sale process of ISS.
Five short-listed bidders were expected to submit offers ahead of a final bids deadline of May 28, including Cinven Group Ltd.; CVC Capital Partners Ltd.; Carlyle Group L.P.; General Atlantic LLC; and Canadian pension fund Omers.
General Atlantic has withdrawn from the process, people familiar with the matter say. Omers is also thought to have indicated its no longer interested in bidding, although its final intentions remain unclear.
-WSJ/Dow Jones Newswire
For the full story: online.wsj.com
More Newswire stories
Report: Evergreen to order 100 new ships
FMC and EU scrutinize shipping lines over potential price fixing
Maersk Canada selling drayage company to Toronto bank
Twenty-thousand metric tons of stinky food rots in Venezuelan port
Click to browse past stories on these topics:
Logistics
Ports & Infrastructure
Economic Outlook
Environmental Impact
Technology
Home/Subscribe/Our Conferences/Ports Handbooks/Advertising Info/Multimedia/Publishing Services/About Us
Contact/Classifieds/Industry Calendar/Past Issues/Upload Files
All contents of this site are copyright 2010 by Northwest Publishing Center and Cargo Business News and may not be reproduced in any way without express written consent of the author.