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|  | | DP World Sells US Ports to Insurer AIG |
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¡¡¡¡DP World has agreed to sell the port assets that it is forced to dispose to American International Group, the world's largest insurance company.
¡¡¡¡Both sides has declined to reveal the exact sale price for the business including five container ports on the US east and gulf coasts, but sources said the price has certainly exceeded US$1 billion.Such price is well above the estimated value of the ports by the market, which is about US$700 million.
¡¡¡¡DP World acquired the ports when Dubai firm took over UK's P&O last year, but later bowed to political pressure and decided to sell the operations to a US firm. The deal also includes stevedoring operations at 16 sites along the East and Gulf Coasts and a passenger terminal in New York, and is expected to be completed in the first quarter of 2007. |
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