MIDEAST STOCKS-Gulf edges up ahead of results season, DP World gains on Chile deal | Reuters:
Gulf markets were slightly higher in thin trading volume early on Sunday, mirroring last week’s muted close in global stock markets as investors took a breather ahead of company results reporting, which will start this week.
In Dubai, major port operator DP World was up 0.7 percent after saying on Sunday it had agreed to acquire a 71.3 percent stake in Chile’s Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders associated with the Matte Group.
DP World said it would offer $502 million for 100 percent equity ownership and that it expected the deal to be “earnings accretive in the first full year of consolidation” and would be financed from existing balance resources.
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