Find UFOs, The Apocalypse, New World Order, Political Analysis,
Alternative Health, Armageddon, Conspiracies, Prophecies,
Spirituality, Home Schooling, Home Mortgages and more, in:
Rumor Mill News Reading Room Archive
THE BIDDING WAR BETWEEN SINGAPORE AND DUBAI OVER P & O
The following excerpt comes from a posting on Boston.com and a Reuters report: it concerns the bidding war which went on between a Singapore group, PSA, and Dubai Ports World group, for the control of and ownership of P & O, the 165 year old British ports-management and shipping company. As of January 26th, the issue was still very much in doubt:
HISTORY OF RIVALRY
[This] bid battle would be the second major contest between PSA and Dubai Ports in recent years. Dubai won the first in 2004 when it paid $1.15 billion for the global port assets of U.S. firm CSX Corp. < CSX.N >. PSA reportedly bid $1 billion.
Should Dubai's bid succeed, it will become the world's number-three port operator after Hutchison and Temasek.
Dubai Ports and other government-backed firms from the world's biggest oil exporting region have earned a reputation for aggressive bidding as they look for opportunities to invest their windfalls from record oil prices.
P & O, whose full name is Peninsular & Oriental Steam Navigation Co., earns 70 percent of its profits from ports. It still owns a cross-Channel ferries business operating between Britain and France that has been scaled back in the past year.
UBS and Goldman Sachs are advising PSA, Citigroup is advising P & O while Deutsche Bank is advising Dubai Ports.
Dubai Ports, whose bid has been cleared by key regulators, has launched a lobbying campaign behind the scenes to convince politicians PSA's bid was anti-competitive because of its close ties with Hutchison Whampoa ....
Editor's Note: The section highlighted in red, above, tells the whole tale -- the extraordinary high prices for fuel oil, aviation and automotive fuels, paid in the last two years, is what has enriched the United Arab Emirates and made it possible for them to buy up both U.S. and Indian 'concessions' for their expanding Dubai Ports World and DPA operations.
Serving Freedom
and Liberty Worldwide since 1996
Politically Incorrect News
Stranger than Fiction
Usually True!
Serving Freedom
and Liberty
