DP World is in talks to acquire Cargo Services Far East with Hong Kong owner John Lau and renowned business moguls as the Dubai port operator seeks to expand its presence in Asia, according to “Bloomberg.”
“DP World is working with a financial consulting firm to make a potential offer to the Hong Kong-based company,” people familiar with the talks told “Bloomberg.”
“The deal could value Cargo Services Far East at approximately $800 million,” they added.
“Negotiations were still ongoing, and no deal might eventually be reached. Other bidders may also apply for the transaction,” according to “Bloomberg.”.
The representatives of Cargo Services Far East and DP World declined to comment.
Cargo Services Far East was founded in 1989 by Lao, and its business includes shipping, cargo, cold chain logistics, and fashion distribution, according to its website.
The Lao Empire also includes a majority stake in CN Logistics International, listed on the Hong Kong Stock Exchange, for which he is also the chief executive officer.
The “Cargo Services Far East” branches span 35 cities worldwide in China, Singapore, Brisbane, Cape Town, Durban, Johannesburg, and Los Angeles.
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