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Inchcape Shipping Services on the auction table

Inchcape Shipping Services on the auction table

London: Dubai World's investment arm Istithmar has put port and shipping agent Inchcape Shipping Services up for sale for $600 million to $700 million and has attracted interest from private equity groups, writes Reuters quoting the Financial Times.

Dubai World is seeking to offload assets as part of a restructuring plan after the state-owned conglomerate rocked global markets last November when it said it would request a delay on paying $26bn in debt linked to its main property units.

The report said Advent International, Cinven, Charterhouse Capital Partners, Montagu Private Equity, TPG Capital and Kohlberg Kravis Roberts & Co were all working on bids potential bids for London-based Inchcape, which is one of the world's biggest marine management firms with some 200 offices globally.

Istithmar bought Inchcape for $285m in 2006 from London-based private equity fund Electra Investment Trust.  [03/02/10]