INTERNATIONAL Container Terminal Services, Inc (ICTSI) formally withdrew its offer to acquire Portek International Ltd after Japanese firm Mitsui & Co acquired majority stake in the Singapore-listed company over the weekend.

Mitsui last Friday bought 24,000 shares at S$1.40 apiece, according to Nomura Singapore Ltd, which advises Mitsui on the transaction. This brought to 63.9% the total number of shares “owned, controlled or agreed to be acquired” by Mitsui, said Nomura.

On July 28, Mitsui & Co acquired 35,466,638 shares of Portek’s biggest shareholder Lam Choon Seng and 27,000,000 shares of DBS Nominees Pte Ltd, for the account of Lam Family Holdings Ltd.

ICTSI, which owned 16.8% of Portek shares as of June 16, 2011, was trying to buy controlling stakes to strengthen its overseas portfolio in port operations.

In due course, ICTSI said it intends to tender all shares held through ICTSI Ltd in acceptance of the Mitsui offer.

Mitsui launched its S$221-million ($180 million) bid for Portek in early June, making an offer of S$1.40 per share, 17% more than ICTSI’s S$1.20.

Portek operates and manages seven medium-sized container and Multi-purpose terminals in Indonesia, Algeria, Malta and Gabon and a dry port in Rwanda.

You May Also Like

PPA to revise 2017 targets after higher-than-expected earnings 

The Philippine Ports Authority (PPA) has reset its revenue targets for the remaining period of the fiscal year after it posted a 32% hike…

Report: port inefficiency continues to inflate shipping costs, erode PH competitiveness

Improving efficiency of Philippine ports and enabling them to handle bigger ships and more volumes can help address high costs of shipping and improve…

PPA re-adopts free 2-hour standby time at North Harbor

Charging of stripping, stuffing fee also disallowed SHIPPING lines and shippers using the North Harbor will get some cost reprieve following the Philippine Ports…

Court stops auction of MGT

THE Bataan Regional Trial Court recently issued a writ of preliminary injunction stopping the public auction of certain properties located at the Mariveles Grains…