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Dubai-based ports operator DP World is reportedly in talks to acquire the Hong Kong-based Cargo Services Far East Ltd company, in a move to expand its footprint in Asia.
A Bloomberg report stated that DP World is working with a financial adviser on a potential offer.
The transaction could value the company close to $800 million, Bloomberg reported citing unnamed sources.
Cargo Services Far East is owned by Hong Kong tycoon John Lau, whose businesses include ocean and freight shipping and fashion distribution. According to a Bloomberg report in March, Lau has been looking for a buyer for his logistics assets.
DP World already has a presence in Asia, with a joint venture with Goodman Group that owns a multi-story logistics centre in Hongkong. In 2022, the ports operator expanded its operations in China with a logistics and trade development deal with the Shanghai Lin-Gang Economic Development Group.
(Writing by Bindu Rai, editing by Seban Scaria)
