Buyout firms flock to sale of Dubai-owned ISS

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About 10 buyout houses are preparing to make indicative bids on Monday for Inchcape Shipping Services (ISS), the $700 million-plus port and shipping agent owned by Dubai World's investment arm Istithmar.

DEALS

The keen interest highlights the ongoing appeal of so-called secondary buyouts, where financial investors sell each other portfolio companies, despite concerns that previous owners may have already withdrawn much of the value in a company.

Dubai World, the debt-laden conglomerate, is in the throes of a $9.5 billion government rescue. It could sell more assets, although its chief restructuring officer has pledged to avoid a "fire sale" and Dubai insists it can fund the rescue.