CSXWT BIDDING UNDERWAY
Seven parties have expressed interest to CSXWTs lead bank, Citigroup in the second round of bidding for the companys portfolio. Parent company CSX Corp wants to sell the business as a single entity although it has terminal operations across four continents. Offers are to be submitted by midNovember and a successful bidder is expected to be announced by year end.
Significantly, $25.09m has been spent on upgrading IT provision, with 6,000 new computers acquired and nearly 80% of KPA’s 6,900 employees put through training courses.
According to Lloyd’s List’s sources, offers so far range in price from $1-1.2 billion.
PSA International, HPH, Modern Terminals, China Merchants, NWS Holdings, COSCO Pacific and an unnamed seventh party are all in the running attracted by CSXWT’s operations at Kwai Chung (Hong Kong) plus facilities at Tianjin and Busan. (see also page 50).
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