Moscow
MIN -2
MAX +2
PM Snow Showers / 05:26 AM / Traffic

Global Ports Eyes NCC

London-listed Russian ports operator Global Ports said it was in talks to buy National Container Company (NCC), which owns container terminals and a dry port in and around St. Petersburg.

Vedomosti reported last week that NCC's owners, businessman Andrei Kobzar and Vitaly Yuzhilin, a member of Russia's lower house of parliament, had put the business up for sale. A market source said last week that the business could be worth about $1 billion, excluding debt.

In a news release, Global Ports said it "confirms that it is in discussions with the owners of NCC, which owns a number of sea and inland container terminals."

Global Ports said trading in its shares had been suspended due to media reports of the acquisition.

NCC reported profit of $79.7 million and sales of $253.3 million for 2012, according to Global Ports' statement.

(Reuters)

From the Web

Dear reader,

Due to the increasing number of users engaging in personal attacks, spam, trolling and abusive comments, we are no longer able to host our forum as a site for constructive and intelligent debate.

It is with regret, therefore, that we have found ourselves forced to suspend the commenting function on our articles.

The Moscow Times remains committed to the principle of public debate and hopes to welcome you to a new, constructive forum in the future.

Regards,

The Moscow Times