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DP World is said to be in talks to acquire Hong Kong-based Cargo Services Far East Ltd at a valuation of around $800mn, sources note. They said that DP World is working with a financial adviser on a potential offer and is trying to expand its presence in Asia. Cargo Services Far East Ltd is involved in freight and cargo shipping and its CEO John Lau is said to have been looking for a buyer for his logistics assets since March. DP World’s current presence in Asia includes a JV with Goodman Group of a logistics centre in Hong Kong and a logistics/trade development deal with the Shanghai Lin-Gang Economic Development Group in China.
DP World’s dollar bonds were flat with its 6% Perp at 98.11, yielding 7.1% to call.
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