Global Ports Holding Plc said on Tuesday it had terminated talks with Swiss-based MSC Mediterranean Shipping Company which had approached the world’s largest cruise port operator to acquire it, adding it was confident about its strategic direction.

SAS Shipping Agencies, a unit of MSC confirmed that it does not intend to make an offer for Global Ports, which is owned by Turkish businessman Mehmet Kutman.

Shares of London-listed GPH were down 16.7% at 95 pence as of 1115 GMT.

Source: Reuters