ICTSI studying options after Mitsui tops bid for Singapore’s Portek

by Coco Alcuaz, ANC

Posted at Jul 14 2011 12:10 PM | Updated as of Jul 14 2011 08:21 PM

MANILA, Philippines -- Billionaire Enrique Razon’s International Container Terminal Services Inc. is studying its options after Japan’s Mitsui & Co. topped its S$90 million bid for Singapore-based Portek International Limited, which operates seven ports in Asia and Africa.

Mitsui yesterday said it had an agreement to buy majority of Portek for S$221 million or S$1.40 a share. ICTSI and Portek announced ICTSI’s S$1.21 per share bid in June. At that time, ICTSI Vice President Rafael Consing said Portek’s controlling shareholders, who hold about 42%, have not committed to sell any part of their stake.

``ICTSI is currently studying its options to determine what is best for its shareholders,’’ the Manila-based port operator said in a statement to the stock exchange.

Portek would have been ICTSI’s first purchase of a company with multiple ports. ICTSI itself operates ports in the Philippines and 16 other countries. Portek had revenue of $125.6 million last year, compared with $561.7 million for ICTSI.