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Maersk to buy DP World stake in Colombo terminal

Colombo: Maersk is reported to be in negotiations to buy DP World's 16.25% stake in Colombo based transhipment facility South Asia Gateway Terminals (SAGT), reports Lanka Business Online. Maersk acquired a 10% stake in the terminal with its purchase of P&O Nedlloyd in 2005. DP World acquired its share in the terminal with its purchase of P&O ports.

The two companies, which had fought a legal battlefor the 16.25% stake, appear to finally have reached an agreement. "DP World is going to pull out of SAGT and sell its stake to AP Moller-Maersk," a senior Colombo port official told the news website.

SAGT's board of directors is currently believed to be assessing the proposed sale. The majority 33.75% stake in the terminal belongs to John Keells Holdings. The remaining shares are divided amongst Evergreen Marine, the Asian Development Bank, International Finance Corporation and the Sri Lanka Ports Authority.  [24/04/07]

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