DPI acquires Asian foothold

Dubai-based port operator snaps CSX''s global terminal business.
Dubai will bring its legendary “city of merchants” tag to the Far East through the acquisition of CSX World Terminals CSXWT by Dubai International Ports DPI. Subject to customary adjustments, DPI will pick up the ports business from the US corporation for $1.15 billion and gain a huge foothold in the region that it has long desired. The transaction is expected to go through in the first quarter of 2005 and upon completion DPI will acquire CSX’s entire international terminal business, as the group refocuses its activities on its US railroad portfolio. Under the agreement, its acquisition consists of terminal operations in Hong Kong, China, Korea, Australia, the Dominican Republic, Venezuela and Germany....

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