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Dubai Ports World eyes Hamburg port: report
POSTED: 9:10 a.m. EDT, December 14,2006

Dubai Ports World, the world's number three port operator, wants to buy a 49.9-percent stake in HHLA Hamburger Hafen und Logistik, which operates the northern port of Hamburg, a report said Tuesday.

DP World chief Mohammed Sharaf announced the plans at the weekend, stressing the strategic importance of the port of Hamburg in Europe, the daily Die Welt quoted a company spokeswoman as saying.

Hamburg city authorities want to put a minority stake in the highly profitable HHLA up for sale and Die Welt said that around 30 serious bidders had so far submitted an offer.

The deadline for potential bids expired at the beginning of December, and from January Hamburg authorities plan to begin negotiations with a shortlist of 10-15 potential buyers, the newspaper said.

Among the candidates are German rail operator Deutsche Bahn and logistics company Rhenus.

The report quoted experts as calculating the estimated value of HHLA at 1.5-2.0 billion euros (1.9-2.6 billion dollars).

From:ttnet
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