US politicians isolated in Dubai crusade 28 Feb 2006 The US accounts for 15% of P&O s global port capacity, but 100% of the fear about security risk from a Dubai takeover. Since that's a job for Homeland Security, not DPW, the affair risks showcasing racism rather than legitimate concerns about port protection.
Trade deficit lies behind US ports quarrel 24 Feb 2006 Petrodollars are piling up in the Middle East. Some are being spent on the controversial Dubai purchase of P&O s US ports. The US deficit seemed painless when it was mostly with Asia. The surplus is shifting to Opec countries which should drive a tougher bargain.
Temasek could upset DPW’s P&O bid 5 Dec 2005 The Port of Singapore owner is unlikely to stop at 5% of the UKlisted operator. It needs 10% to avoid being squeezed out by Dubai Ports. A full bid would make industrial sense, but not financial sense.
DP World hits on neat petrodollar arbitrage 1 Dec 2005 The Dubai ports operator has come up with an innovative $2.8bn convertible bond to finance its acquisition of P&O. It is exploiting a valuation discrepancy between the redhot Abu Dhabi stock market and relative tepid Western ones.
Stelios deftly cashes out of shipping 13 Dec 2004 By assiduously courting the arbs he first blocked a lowball bid. And by helping to shop the firm, he brought in a knockout one. The $1.3bn sale of Stelmar was not an easy deal for the EasyEverything entrepreneur, but his efforts have paid off.
Stelios hits the warpath 21 Sep 2004 The Greek entrepreneur is being treated like a stowaway on his own yacht with Stelmar s $677m agreed sale to private equity group Fortress. But Stelios is not walking the plank without a fight. And he has some good arguments for taking on the Stelmar board.
Stelios runs aground in the US 8 Sep 2004 For a guy who likes things easy, the entrepreneur is having a dastardly time executing plans for his US shipping group Stelmar. Easyjet investors betting on a Stelios buyout better hope he doesn t need the money from Stelmar to make his move.