Dubai’s DP World in Talks for Hong Kong Tycoon’s Logistics Firm, Sources Say - Bloomberg
DP World is in talks to acquire Cargo Services Far East Ltd. from Hong Kong tycoon John Lau as the Dubai port operator seeks to expand in Asia, according to people familiar with the matter.
DP World is working with a financial adviser on a potential offer for Hong Kong-based Cargo Services Far East, the people said, asking not to be identified because the matter is private. A transaction could value the company at about $800 million, the people said.
Deliberations are ongoing and the talks could still fall part, the people said. Other bidders could also emerge, they added. Representatives for Cargo Services Far East and DP World declined to comment.
Founded in 1989 by Lau, Cargo Services Far East’s businesses include ocean and freight shipping, cold chain logistics and fashion distribution, according to its website. Lau’s empire includes a majority stake in Hong Kong-listed CN Logistics International Ltd., which he is also executive chairman of. Cargo Services Far East has offices in 35 cities in China, Singapore, Brisbane, Cape Town, Durban, Johannesburg and Los Angeles.
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