Newspaper article The Evening Standard (London, England)

Private Equity Is Poised to Turn Tables on Owner of P&O; LETTER FROM DUBAI

Newspaper article The Evening Standard (London, England)

Private Equity Is Poised to Turn Tables on Owner of P&O; LETTER FROM DUBAI

Article excerpt

Byline: Richard Dean

THE hunter has become the hunted. Dubai ports operator DP World caused a political storm in 2006 when it bought British rival P& O for almost [pounds sterling]4 billion. Now private-equity investors are circling DP World, which has seen its stock-market value plummet in recent months.

Here's what we know. Last Thursday, shares of DP World jumped 15% before the Nasdaq Dubai stock market suspended them. On Sunday (following the Arab weekend), DP World announced that a privateequity firm was mulling a minority stake in the company.

Here's the speculation. Every news agency under the Arabian sun reports that the suitor is Abraaj Capital, the region's biggest privateequity firm, with a $6 billion portfolio (Deutsche Bank is a shareholder in Abraaj and Ashok Aram, who works for Deutsche in London, sits on the board). The consensus in the bars and coffee shops around Dubai's financial centre is that Abraaj is after a 15% stake, which at current values would cost about $1 billion. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.