HOW'S THAT PORT SALE GOIN'?:

Three groups bidding for port operator, SSA Marine (Bloomberg News and Seattle Times, 6/03/06)

Three investment groups plan to make separate bids of at least $2 billion for Seattle-based SSA Marine, the largest U.S.-owned port terminal operator, said four people familiar with the matter. [...]

SSA, a unit of closely-held Carrix, has been seen as a prime candidate to do some acquiring itself, potentially including the U.S. port operations owned by Dubai Ports World.

DP World bought them from Peninsular & Oriental Steam Navigation Co., but agreed in March to sell them to a U.S. entity after the purchase sparked a political uproar. DP World is controlled by the Dubai government.

Asked Friday about the reported acquisition offers, SSA Chief Executive Officer Jon Hemingway said, "People have no idea what we're really up to."

As to whether a transaction with such an investment group would position SSA to buy the DP World assets, he said, "Anything is possible."

The good thing about the ports and immigration hysterias is that the labile folks who work themselves into a tizzy over them can't sustain that emotional tremulousness for very long and once the story moves off the front page they forget about it.

Posted by Orrin Judd at June 3, 2006 9:20 AM