London-listed Global Ports Holding (GPH) has ended talks with Mediterranean Shipping Co (MSC) over a potential takeover of the cruise terminals group.
In a statement, GPH did not give a reason for the move.
Fresh from buying dozens of container ships over the last couple of years, boxship and cruise ship owner MSC had begun discussions in June to buy 100% of the company controlled by Turkish businessman Mehmet Kutman, to build its roster of ports.
MSC subsidiary SAS Shipping Agencies Services later confirmed in a filing it does not intend to make an offer for GPH by the deadline of the end of Wednesday.
GPH has a market cap of around £69.2m ($84m).
The GPH board said it remained “confident” in the group’s strategic direction as an independent port operator with “open access cruise port concessions and arm’s length treatment of berthing rights for all its customers.”
Kutman, who is co-founder, chief executive and chairman, added: “The board of GPH is wholly committed to the successful execution of our long-term strategy to grow the business and create value for all shareholders while providing industry-leading investment and service levels at our cruise ports for the benefit of all stakeholders.”
GPH, the world’s largest independent cruise port operator with a presence in the Caribbean, Mediterranean and Asia-Pacific regions, operates 26 cruise ports across 14 countries and also has a commercial port operation that specialises in container and general cargo handling.
In May, the company pointed to a strong rebound in cruise activity and said it expects occupancy levels to reach “historical levels” before the end of the 2022 calendar year.
The terminals firm was listed in London in 2017 after setting up shop in 2004.
It serves 15m passengers each year, with a market share of 29% in the Mediterranean.
Kutman’s Istanbul-listed GIH has a 62% stake. The rest is a free-float on the London Stock Exchange.
