Global Ports Eyes NCC

May. 31 2013 — 00:00

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)

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