London-listed Global Ports confirms takeover approach from MSC

Global Ports Holding PLC GPH.L, the world’s largest cruise port operator, said on Wednesday it had received an approach about a potential cash offer from Swiss-based MSC Mediterranean Shipping Company.

Shares of the London-listed company closed up 19% at 109 pence (134 cents) and marked their best day in two years after Global Ports confirmed a Bloomberg report that MSC was considering taking a controlling stake in Global Ports.

Global Ports, owned by Turkish businessperson Mehmet Kutman, said the talks were ongoing and the deadline for the container group to make a firm offer or walk away is July 13.

Global Ports, which has a presence in the Caribbean, Mediterranean and Asia-Pacific regions, operates 26 cruise ports across 14 countries and also has a commercial port operation that specializes in container and general cargo handling.

Last month, Global Ports pointed to a strong rebound in cruise activity and said it expects occupancy levels to reach “historical levels” before the end of 2022 calendar year.

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