ruben.maritime: Insurance group AIG takes P&O assets

Insurance group AIG takes P&O assets

DUBAI 11 December – DP World has sold its US terminal assets to the American International Group (AIG) Global Investment Group, which will operate the former P&O ports terminals under a newly-created subsidiary. The purchase price was not disclosed, but DPW was reported to be asking for $700M. “With the sale of the US assets, we have concluded the process and our commitment to the American people that we began in March 2006. Meanwhile, we continue to expand globally in response to our customers’ needs,” DPW chief executive Mohammed Sharaf said in a statement. EDPW chairman Sultan Ahmed Bin Sulayem added that “while we are disappointed to be exiting the US market, the price we received was fair. We are pleased that POPNA will have a strong owner in AIG and wish them well for the future.” AIG is the world’s largest insurer and was not among the finalists speculated upon by the media over the past weeks as DPW finalised the bidding process. DPW was forced to sell the marine terminal concessions in the ports of New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans, coupled with stevedoring operations in 16 locations along the East and Gulf Coasts and a passenger terminal in New York City it acquired as part of the $6.8Bn purchase of P&O ports global operations.

Etiquetas: international maritime affairs, ports