MSC has GPH in its sights

2022-06-27T16:06:02+00:00 June 27th, 2022|Finance|

Global Ports Holding (GPH) has been approached by MSC with a potential cash offer for all of its shares.

The offer was made by SAS Shipping Agencies Services, a wholly-owned subsidiary of MSC Mediterranean Shipping Co Holding, according to GPH’s website.

It was believed that the MSC Group has held exploratory talks over a deal for GPH, owned by Turkish businessman, Mehmet Kutman.

Shares in London-listed GPH have fallen by around a third in the last 12 months, giving it a market value of £53 mill ($63 mill) as at mid June. The company also has a considerable debt pile, newswires reported.

GPH operates 26 cruise ports in 14 countries and since the pandemic, which decimated the cruise industry, it has returned to profit in the 12 months ending 31st March, 2022.

Backed by the Aponte family, MSC is in an acquisitive mood having snapped up a major logistics organisation from the Bollore Group and was also thought to be negotiating for Italian ferry company Moby.