JAPAN's Mitsui OSK Lines (MOL) has confirmed that it is
negotiating with Toronto fund manager Brookfield Asset Management to sell 49
per cent of its US terminal assets, reports Lloyd's List.
Through MOL's TraPac subsidiary, which owns American
terminals in Long Beach, Oakland and in Jacksonville, the sale will be made to
Brookfield, which also owns PD Ports in the UK.
In an emailed statement to Lloyd's List, MOL said:
"We are now under discussion with Brookfield Asset Management to establish
a cooperation scheme, not only to add value to our container terminals in the
United States, but also to consider further expanding co-operation coverage to
their key strategic ports in various countries which complement our extensive
liner network."
Brookfield has US$175 million under management and a
100-year history of owning property and operating, infrastructure and renewable
power projects.
The Port of Los Angeles said it would be a "cash
transaction purchasing existing shares with no new shares being issued and
carrying out an incentive payment if certain volume criteria are met".
It goes on to say that although MOL would retain the 51
per cent, the deal involves a supermajority - more 50 per cent - before any
major decision of budgets and strategy and senior executive compensation could
be taken.
In 2009, Brookfield formed a new holding company,
Brookfield Ports (UK) Ltd, to complete the purchase of PD Ports from
Australia's Babcock & Brown Infrastructure (BBI), then owner of the Hull
Container Terminal.
Source : HKSG.
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