Printer Friendly
Email a Friend
NY-NJ wants in on DP World profit
01 Apr 2007
The New York-New Jersey port authority has asked DP World for a "transaction or transfer fee", amounting to as much as $84m, as part of the $450m sale of former P&O ports assets in the state, news reports have claimed. But DP World spokesperson Mohammad Sharaf said: "They are asking for a sum which is unreasonable and we are saying no."
Justifying its request, the port authority points out that part of the profit made by DP World reflected its own capital investment in Newark Port Container Terminal, which therefore had to be repaid.
As a result of the request, DP World and AIG, which had agreed to buy the company's US assets, have cut off negotiations with the port authority.
