DP World buys Unifeeder for $764m

Dubai-based DP World said it bought Denmark-based Unifeeder Group for $764 million. (Reuters)
Updated 07 August 2018
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DP World buys Unifeeder for $764m

  • Unifeeder deal to boost presence in global supply chain
  • Acquisition subject to approvals

DUBAI: DP World said it bought Denmark-based Unifeeder Group for $764 million.

It acquired the container and shortsea network from the Nordic Capital Fund and other shareholders, the Dubai-based ports operator said in a statement.
The Danish group reported reveunes of about €510 million last year.

DP World hopes the acquisition will boost its presence in the global supply chain and reduce inefficiencies.

“The ever growing deployment of ultra- large container vessels has made high-quality connectivity from hub terminals crucial for our customers and Unifeeder is a best-in-class logistics provider in this space with a strong reputation in Europe,” DP World Chairman Sultan Ahmed Bin Sulayem, said.

“Our aim is to leverage on the in-house expertise of Unifeeder and to accelerate growth in this scalable platform to deliver value for all stakeholders.”

DP World called Unifeeder “an important and growing” network in Europe serving both deep-sea hubs and other markets.

The port operator said that the sale is expected to close in the fourth quarter of this year.

DP World operates 80 terminals in over 40 countries and is majority owned by the government of Dubai.


Germany: US calling European cars a threat is ‘frightening’

Updated 16 February 2019
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Germany: US calling European cars a threat is ‘frightening’

  • ‘If these cars ... suddenly spell a threat to US national security, then that is frightening to us’

MUNICH, Germany: German Chancellor Angela Merkel on Saturday labelled as “frightening” tough US trade rhetoric planning to declare European car imports a national security threat.

“If these cars... suddenly spell a threat to US national security, then that is frightening to us,” she said.

Merkel pointed out that the biggest car plant of German luxury brand BMW was not in Bavaria but in South Carolina, from where it exports vehicles to China.

“All I can say is it would be good if we could resume proper talks with one another,” she said at the Munich Security Conference.

“Then we will find a solution.”

A US Commerce Department report has concluded that auto imports threaten national security, setting the stage for possible tariffs by the White House, two people familiar with the matter said Thursday.

The investigation, ordered by President Donald Trump in May, is “positive” with respect to the central question of whether the imports “impair” US national security, said a European auto industry source.

“It’s going to say that auto imports are a threat to national security,” said an official with another auto company.

The report, which is expected to be delivered to the White House by a Sunday deadline, has been seen as a major risk for foreign automakers.

Trump has threatened to slap 25 percent duties on European autos, especially targeting Germany, which he says has harmed the American car industry.

After receiving the report, the US president will have 90 days to decide whether to move ahead with tariffs.

Trump in July reached a trade truce with European Commission President Jean-Claude Juncker, with the two pledging no new tariffs while the negotiations continued.

Brussels has already drawn up a list of €20 billion ($22.6 billion) in US exports for retaliatory tariffs should Washington press ahead, the commission’s Director-General for Trade Jean-Luc Demarty told the European Parliament last month.

The White House has used the national security argument — saying that undermining the American manufacturing base impairs military readiness, among other claims — to impose steep tariffs on steel and aluminum imports, drawing instant retaliation from the EU, Canada, Mexico and China.

Trading partners have sometimes reacted with outrage at the suggestion their exports posed a threat to US national security.