| Topic: |
Politics > Politics-USA |
| User: |
"Captain Compassion" |
| Date: |
21 Feb 2006 10:08:26 PM |
| Object: |
Dubai Ports International Completes Acquisition Of CSX World Terminals |
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/02-22-2005/0003068297&EDATE=
Dubai Ports International Completes Acquisition Of CSX World Terminals
* DPI Is Now One Of The Top 6 Port Operators In The World
* DPI Has Operations That Span The Globe Adding Asia And Latin
America To
Existing Facilities In Middle East, Europe, Africa And India
* DPI Has Acquired Future Development Projects Including Pusan
Newport In
South Korea
* DPI Able To Service International Customers With A Global
Network
DUBAI, HONG KONG, and JACKSONVILLE, Fla., Feb. 22
/PRNewswire-FirstCall/
-- Dubai Ports International ("DPI"), one of the world's leading port
operators, today announces that it has completed the acquisition of
CSX World Terminals ("CSX WT" or "the Company"), the international
terminal business of CSX Corporation (NYSE: CSX), for closing cash
consideration of USD 1.142 billion, subject to final working capital
and long-term debt adjustments.
The conclusion of this transaction means that DPI is now one of the
world's top 6 operators. DPI currently has extensive operations in
the Middle East, Africa, Europe and India. The acquisition of CSX WT
gives DPI a strong presence in Asia for the first time, including CT3
and CT8W in Hong Kong, Tianjin and Yantai in China as well as
operations in Australia, Germany, Dominican Republic and Venezuela.
DPI now has a truly international network with the capacity to service
the needs of customers across the globe. Thecombined portfolio
consists of interests in 15 operational terminals in 13
locations with a combined capacity in excess of 24 million TEUs.
Importantly for the future development and expansion of the network,
DPI has acquired the Company's strong pipeline of development
projects. In particular, CSX WT has a 25% interest in, and will be the
operator of, Pusan Newport, South Korea, a 9-berth facility with a
capacity of 5.5 million teus that is currently under development and
is expected to commence operations in 2006.
DPI has also acquired interests in logistics businesses in Hong Kong
and China, notably ATL, the market leading logistics operator based at
Kwai Chung, Hong Kong. On 30 December 2004, prior to the completion of
this transaction, CSX WT announced that it had raised its stake in
Asia Container Terminals Ltd "ACT") to 68.6% giving the Group a
majority share in this important peration. ACT is the owner and
operator of the premier terminal CT8W in Hong Kong.
The transaction was financed from a committed loan facility arranged
and underwritten by Deutsche Bank AG on 16 December 2004 for USD 1.45
billion.
Deutsche Bank acted as financial adviser to Dubai Ports International
and Citigroup Global Markets acted as financial adviser to CSX with
respect to the transaction. Sullivan & Cromwell LLP acted as legal
counsel to DPI and Arnold & Porter LLP represented CSX.
Sultan Ahmed Bin Sulayem, Executive Chairman, Dubai Ports, commented:
"I am delighted that the transaction is completed. The acquisition of
CSX WT complements DPI's existing network, giving us a truly global
footprint that will benefit our customers and partners around the
world. It will allow DPI to participate in the long-term growth of the
global transportation and logistics industry and gives us access to
new growth markets in Asia and Latin America.
"I would like to take this opportunity to welcome CSX WT's employees
into the DPI family. We are all looking forward to working with you to
build and develop this business."
Mohammed Sharaf, Managing Director, Dubai Ports International, said:
"The addition of such strong operations in Asia means that we can look
forward to further enhancing our relationships with existing DPI
customers and extending our high service levels to new ones. We are
proud of the relationships we have with our international customers
and want to serve them at an international level.
"The skills that have made the Dubai Ports such a success story will
be transferred to the newly-acquired businesses. Over the longer-term
we willseek to improve the breadth and quality of the services
available across our network. As always, we are focused on providing
our customers with a level of service second to none."
Peter Wong, Vice President China, CSX World Terminals said: "I am
very pleased that the acquisition has been completed. DPI has an
excellent reputation for the successful management and growth of port
operations. It is clear that the combination of two such complementary
operations is great news for our customers and employees."
Rufin Mak, Vice President Hong Kong, CSX World Terminals said: "This
is an exciting time for the World Terminals business and we are
looking forward to working with DPI to create an even more successful
company."
For further information please contact:
Asia
Gavin Anderson & Company
Richard Barton
+852 9308 1056
+852 2218 9988
Middle East
Bell Pottinger Communications
Tom Mollo
+9714 390 2514
+9715 0550 4203
Ilja Maynard-Gregory
+852 9803 5702
+852 2218 9952
Europe
Robin Tozer
+44 (0)207 861 3891
+4478877 21295
CSX Corporation
Misty Skipper
904-359-1787
About Dubai Ports
Dubai Ports (comprising of Dubai Ports International "DPI" and
Dubai Ports
Authority, "DPA") owns, operates and manages container terminals and
ports
around the world.
In 2004, the terminals operated by Dubai Ports handled over 8
million TEUs
which includes ports in India (Port of Visakhapatnam), Saudi Arabia
(Port of
Jeddah), Djibouti (Port of Djibouti) and Romania (Port of Constantza)
and the
home terminals of Jebel Ali and Port Rashid. Through a sister
company, DPI
also manages the free zones of Malaysia's Port Kalang and the Tangier
Free
Zone.
DPI's unique cross-sector expertise offers solutions in all
aspects of
port operations, ultimately driving efficiency and financial returns
for port
users. DPI also enables its customers to experience the same high
level of
service that they have come to expect when their vessels call at
Dubai. DPA
is known for its ability to provide a superior level of service to
shipping
lines at its flagship domestic operations of Port Rashid and Jebel Ali
and has
been voted "Best Seaport in the Middle East" for 10 consecutive years.
DPA ranks within the largest container ports worldwide in volume
and has
in recent years embarked on a significant expansion programme. Over
the next
10 years, DPA is planning to increase capacity from current 6.5
million TEUs
to over 20 million TEUS. Over the last three years, DPA's annual
growth in
throughput has averaged 23%. In December 2004, DPA reported 24% growth
in its
handling operations and set a cargo traffic record of 6.4 million TEUs
for the
year. Dubai was ranked the 10th largest port operation in the world.
DPI in
its four international port operations -- Jeddah, Djibouti, Vizag and
Constantza -- achieved 26.5% growth year on year in 2004.
On 8 December 2004, DPI signed a definitive agreement with CSX
Corporation
to acquire the international terminal business conducted by CSX World
Terminals (CSX WT) and other related interests. CSX WT is a leading
international terminal developer and operator with operations in Asia,
Europe,
Australia and Latin America. With completion of this transaction, DPI
ranks
as a top 6 global ports operator. On 30 December 2004, CSX WT
announced that
it had increased its stake in Asia Container Terminals ("ACT") to
68.6%. ACT
is the owner and operator of the premier terminal CT8W in Hong Kong.
In addition to DPI's established operations, it is undertaking a
number of
major development projects around the world including the construction
of
India's largest single operator container terminal at Vallarpadam at
Kochi
Port and the largest capacity and deepest port in South Korea at Pusan
New
Port.
DPI has been at the forefront of Dubai's extraordinary
transformation into
one of the world's leading trade and commerce hubs.
About CSX Corporation
CSX Corporation (NYSE: CSX), based in Jacksonville, Fla., owns the
largest
rail network in the eastern United States. CSX and its 34,000
employees
provide rail transportation services over a 21,000 route-mile network
in 23
states, the District of Columbia and two Canadian provinces, and
intermodal
services through CSX Intermodal.
SOURCE CSX Corporation; Dubai Ports International
Web Site: http://www.csx.com
--
"The president and I cannot prevent certain politicians from losing
their memory, or their backbone, but we're not going to sit by and
let them rewrite history." -- ***** Cheney 11/16/2005
"War is God's way of teaching Americans geography" -- Ambrose Bierce
"America is a vast conspiracy to make you happy." -- John Updike
"Long term commitment in relationships is only necessary because it takes
so damn long to raise children. Marriage may well be some kind of trick
to keep the males around beyond sexual satiation." -- Captain Compassion
"Progress is the increasing control of the environment by life.
--Will Durant
Joseph R. Darancette
daranc@NOSPAMverizon.net
.
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| User: "Captain Compassion" |
|
| Title: Re: Dubai Ports International Completes Acquisition Of CSX World Terminals |
22 Feb 2006 10:35:05 AM |
|
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On Wed, 22 Feb 2006 08:00:33 -0600, eldorado <eldorado@io.com> wrote:
On Tue, 21 Feb 2006, Captain Compassion wrote:
On 21 Feb 2006 20:45:25 -0800,
wrote:
What I love the best about stories like this is that you get to see who
is the paid ***** working directly for the Bush administration.
Put Captain Compassion, aka Joseph R. Darancette on the *FLUSH* list.
These folks are all ready running ports in Europe and Australia. Are
these ports showing any real problems?
So, your argument is "nothing has happened YET in OTHER countries ports,
so we should trust them with our national security"?
That's pretty much it. Tell me what countries would you be comfortable
with running these ports. Obviously you have no problem with a British
company running them.
How about Japan, Germany or China?
You have Sweeds actually running security at the Port of Baltimore.
--
"The president and I cannot prevent certain politicians from losing
their memory, or their backbone, but we're not going to sit by and
let them rewrite history." -- ***** Cheney 11/16/2005
"War is God's way of teaching Americans geography" -- Ambrose Bierce
"America is a vast conspiracy to make you happy." -- John Updike
"Long term commitment in relationships is only necessary because it takes
so damn long to raise children. Marriage may well be some kind of trick
to keep the males around beyond sexual satiation." -- Captain Compassion
"Progress is the increasing control of the environment by life.
--Will Durant
Joseph R. Darancette
daranc@NOSPAMverizon.net
.
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| User: "8ackgr0und N015e" |
|
| Title: Re: Dubai Ports International Completes Acquisition Of CSX World Terminals |
22 Feb 2006 11:33:51 PM |
|
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Captain Compassion wrote:
On Wed, 22 Feb 2006 08:00:33 -0600, eldorado <eldorado@io.com> wrote:
On Tue, 21 Feb 2006, Captain Compassion wrote:
On 21 Feb 2006 20:45:25 -0800,
wrote:
What I love the best about stories like this is that you get to see who
is the paid ***** working directly for the Bush administration.
Put Captain Compassion, aka Joseph R. Darancette on the *FLUSH* list.
These folks are all ready running ports in Europe and Australia. Are
these ports showing any real problems?
So, your argument is "nothing has happened YET in OTHER countries ports,
so we should trust them with our national security"?
That's pretty much it. Tell me what countries would you be comfortable
with running these ports. Obviously you have no problem with a British
company running them.
Dude... the last time the British burned down part of our country was
almost 200 years ago! And we started the war by invading Canada!
How about Japan, Germany or China?
Japan and Germany have huge investments in this country. They also
don't have a history of nuclear proliferation with terrorists.
China.... nah....
You have Sweeds actually running security at the Port of Baltimore.
what was the last country Sweden invaded?
.
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| User: "Erik A. Mattila" |
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| Title: Re: Dubai Ports International Completes Acquisition Of CSX WorldTerminals |
23 Feb 2006 01:33:53 AM |
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8ackgr0und N015e wrote:
Captain Compassion wrote:
On Wed, 22 Feb 2006 08:00:33 -0600, eldorado <eldorado@io.com> wrote:
On Tue, 21 Feb 2006, Captain Compassion wrote:
On 21 Feb 2006 20:45:25 -0800,
wrote:
What I love the best about stories like this is that you get to see who
is the paid ***** working directly for the Bush administration.
Put Captain Compassion, aka Joseph R. Darancette on the *FLUSH* list.
These folks are all ready running ports in Europe and Australia. Are
these ports showing any real problems?
So, your argument is "nothing has happened YET in OTHER countries ports,
so we should trust them with our national security"?
That's pretty much it. Tell me what countries would you be comfortable
with running these ports. Obviously you have no problem with a British
company running them.
Dude... the last time the British burned down part of our country was
almost 200 years ago! And we started the war by invading Canada!
How about Japan, Germany or China?
Japan and Germany have huge investments in this country. They also
don't have a history of nuclear proliferation with terrorists.
China.... nah....
You have Sweeds actually running security at the Port of Baltimore.
what was the last country Sweden invaded?
I think it was Minnisota.
.
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| User: "gaffo" |
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| Title: Re: Dubai Ports International Completes Acquisition Of CSX World Terminals |
28 Feb 2006 10:21:39 PM |
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8ackgr0und N015e wrote:
what was the last country Sweden invaded?
Russia - 1680's I think
or?
Norway - around the same time or a little earlier.
--
.
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| User: "" |
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| Title: Re: Dubai Ports International Completes Acquisition Of CSX World Terminals |
23 Feb 2006 09:37:09 AM |
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Most Americans had no idea that this was going on. Our roads
themselves are being sold off to foreigners. Most Americans are
learning, for the first time, that our nation is being sold off, "for
parts." And not for our use.
It's not only businesses being sold to foreign companies and nations,
it's the resources themselves. Our forests, sold to be clear-cut, the
lumber shipped for use in other nations. Our water, drained and
shipped off for use in other nations. ALL FOR PRIVATE PROFIT!
.
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| User: "8ackgr0und N015e" |
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| Title: Re: Dubai Ports International Completes Acquisition Of CSX World Terminals |
23 Feb 2006 11:39:38 AM |
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wrote:
Most Americans had no idea that this was going on. Our roads
themselves are being sold off to foreigners. Most Americans are
learning, for the first time, that our nation is being sold off, "for
parts." And not for our use.
It's not only businesses being sold to foreign companies and nations,
it's the resources themselves. Our forests, sold to be clear-cut, the
lumber shipped for use in other nations. Our water, drained and
shipped off for use in other nations. ALL FOR PRIVATE PROFIT!
Hey ... "privatization" ...it's the "new corporatism"...
.
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| User: "Captain Compassion" |
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| Title: Re: Dubai Ports International Completes Acquisition Of CSX World Terminals |
23 Feb 2006 10:45:08 AM |
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|
On 22 Feb 2006 21:33:51 -0800, "8ackgr0und N015e"
<background.static@gmail.com> wrote:
Captain Compassion wrote:
On Wed, 22 Feb 2006 08:00:33 -0600, eldorado <eldorado@io.com> wrote:
On Tue, 21 Feb 2006, Captain Compassion wrote:
On 21 Feb 2006 20:45:25 -0800,
wrote:
What I love the best about stories like this is that you get to see who
is the paid ***** working directly for the Bush administration.
Put Captain Compassion, aka Joseph R. Darancette on the *FLUSH* list.
These folks are all ready running ports in Europe and Australia. Are
these ports showing any real problems?
So, your argument is "nothing has happened YET in OTHER countries ports,
so we should trust them with our national security"?
That's pretty much it. Tell me what countries would you be comfortable
with running these ports. Obviously you have no problem with a British
company running them.
Dude... the last time the British burned down part of our country was
almost 200 years ago! And we started the war by invading Canada!
Didn't the British send over Richard Reid to blow us up with his
shoes?
How about Japan, Germany or China?
Japan and Germany have huge investments in this country. They also
don't have a history of nuclear proliferation with terrorists.
China.... nah....
You have Sweeds actually running security at the Port of Baltimore.
what was the last country Sweden invaded?
--
"The president and I cannot prevent certain politicians from losing
their memory, or their backbone, but we're not going to sit by and
let them rewrite history." -- ***** Cheney 11/16/2005
"War is God's way of teaching Americans geography" -- Ambrose Bierce
"America is a vast conspiracy to make you happy." -- John Updike
"Long term commitment in relationships is only necessary because it takes
so damn long to raise children. Marriage may well be some kind of trick
to keep the males around beyond sexual satiation." -- Captain Compassion
"Progress is the increasing control of the environment by life.
--Will Durant
Joseph R. Darancette
daranc@NOSPAMverizon.net
.
|
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| User: "eldorado" |
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| Title: Re: Dubai Ports International Completes Acquisition Of CSX WorldTerminals |
22 Feb 2006 10:51:43 AM |
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On Wed, 22 Feb 2006, Captain Compassion wrote:
On Wed, 22 Feb 2006 08:00:33 -0600, eldorado <eldorado@io.com> wrote:
On Tue, 21 Feb 2006, Captain Compassion wrote:
On 21 Feb 2006 20:45:25 -0800,
wrote:
What I love the best about stories like this is that you get to see who
is the paid ***** working directly for the Bush administration.
Put Captain Compassion, aka Joseph R. Darancette on the *FLUSH* list.
These folks are all ready running ports in Europe and Australia. Are
these ports showing any real problems?
So, your argument is "nothing has happened YET in OTHER countries ports,
so we should trust them with our national security"?
That's pretty much it. Tell me what countries would you be comfortable
with running these ports. Obviously you have no problem with a British
company running them.
How about Japan, Germany or China?
You have Sweeds actually running security at the Port of Baltimore.
While I would prefer the US to be in charge of her own port, I have to
wonder what terrorist attack had people from Japan, Germany, China or
sweden participate? Which attack had money funneled through their
government owned banks? Which attack had a nuclear engineer who
ran the world's largest nuclear proliferation ring from warehouses near
one of thier ports, meet Iranian officials , and shipped centrifuge
equipment, which can be used to enrich uranium, from there to Libya.
I truly cannot remember one terrorist attack that involved Japan, Germany
China or Sweden on US soil. Care to remind me - or are you comparing
apples to oranges?
--
Randomly generated signature --
The uncreative mind can spot wrong answers; it takes a creative mind to spot wrong questions.
.
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| User: "Captain Compassion" |
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| Title: Re: Dubai Ports International Completes Acquisition Of CSX World Terminals |
22 Feb 2006 10:57:22 PM |
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On Wed, 22 Feb 2006 10:51:43 -0600, eldorado <eldorado@io.com> wrote:
On Wed, 22 Feb 2006, Captain Compassion wrote:
On Wed, 22 Feb 2006 08:00:33 -0600, eldorado <eldorado@io.com> wrote:
On Tue, 21 Feb 2006, Captain Compassion wrote:
On 21 Feb 2006 20:45:25 -0800,
wrote:
What I love the best about stories like this is that you get to see who
is the paid ***** working directly for the Bush administration.
Put Captain Compassion, aka Joseph R. Darancette on the *FLUSH* list.
These folks are all ready running ports in Europe and Australia. Are
these ports showing any real problems?
So, your argument is "nothing has happened YET in OTHER countries ports,
so we should trust them with our national security"?
That's pretty much it. Tell me what countries would you be comfortable
with running these ports. Obviously you have no problem with a British
company running them.
How about Japan, Germany or China?
You have Sweeds actually running security at the Port of Baltimore.
While I would prefer the US to be in charge of her own port, I have to
wonder what terrorist attack had people from Japan, Germany, China or
sweden participate? Which attack had money funneled through their
government owned banks? Which attack had a nuclear engineer who
ran the world's largest nuclear proliferation ring from warehouses near
one of thier ports, meet Iranian officials , and shipped centrifuge
equipment, which can be used to enrich uranium, from there to Libya.
I truly cannot remember one terrorist attack that involved Japan, Germany
China or Sweden on US soil. Care to remind me - or are you comparing
apples to oranges?
Do you think it fair to blame the government of Dubai? Do you blame
the US government for the actions of the Unibomber and the OKC
bombers?
When the P&O went up for sale the second highest bidder for the
business was a Chinese government firm from Shanghai. China may not
have attacked US soil yet but the Tibetans sure consider them
terrorists. Would that deal been ok with you?
--
"The president and I cannot prevent certain politicians from losing
their memory, or their backbone, but we're not going to sit by and
let them rewrite history." -- ***** Cheney 11/16/2005
"War is God's way of teaching Americans geography" -- Ambrose Bierce
"America is a vast conspiracy to make you happy." -- John Updike
"Long term commitment in relationships is only necessary because it takes
so damn long to raise children. Marriage may well be some kind of trick
to keep the males around beyond sexual satiation." -- Captain Compassion
"Progress is the increasing control of the environment by life.
--Will Durant
Joseph R. Darancette
daranc@NOSPAMverizon.net
.
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