Landing the Big One

Landing the Big One

Monday, May 14, 2007

New York New Jersey Port Terminal Sold to Foreign Interests

Which should remind you of the ruckus over the Dubai Ports management issue, except in this case the terminal was sold by one foreign group (Hong Kong) to another (Canadian), as set out here. Not that there are any double standards involved or anything.
The Ontario Teachers' Pension Plan will pay the Port Authority of New York and New Jersey US$51 million for allowing tenant Orient Overseas International Ltd (OOIL) to sell its Staten Island terminal to the Canadian investment firm.
The news will have been received with a huge sense of relief at OOIL's Wan Chai headquarters in Hong Kong. With a net profit of more than $1 billion riding on the successful completion of the deal, any hitch was bound to bring about a severe case of the jitters.

Talks stalled when the port authority demanded OOIL pay a $37 million consent fee that came with a guaranteed $17 million from the pension fund to prevent the lease from being sold again for a quick profit.

I'm waiting for Senator Schumer to say something.

More info on the Howland Hook Marine Terminal here

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