Japanese trading house Mitsui & Co. said Wednesday it will launch a tender offer for Portek International. a Singapore-based international port operator, as it aims to expand its business in emerging economies.
Portek International operates and manages seven medium-sized container and multi-purpose terminals in Indonesia, Algeria, Malta and Gabon, and a dry port in Rwanda.
The estimated total cost of the deal will be up to $221 million, Mitsui said. Portek International reported revenue of $125.63 million and net profit of $14.728 million on a consolidated basis in fiscal year 2010, which ended June 30, 2010.
Mitsui said it has secured agreements from Portek International founders to sell about 51.3 percent of its outstanding shares. Mitsui said it doesn't intend to keep Portek International's listing on the Singapore exchange if the offer is successful.
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