JPM eyes port sector

JP Morgan looks set to acquire the Spanish port assets of Dragados SPL, signalling the break-up of the ACS subsidiary. Reuters quoted a source close to JP Morgan, who said the firm was "looking to buy some of Dragados’s most attractive assets, such as its terminal in Valencia".

Unconfirmed reports also suggested that JP Morgan will take over Dragados’s box terminal in Jingtang, China. JP Morgan declined to comment on the takeovers, which if confirmed would mark the financial firm’s debut in the port sector.

Dragados has been up for sale for more than a year, as troubled construction giant ACS sought to dispose of non-core assets. In January 2009, Dragados was said to be valued at €1.2bn-1.4bn and JP Morgan was, at that time, named as one of four bidders interested in the portfolio of port assets.