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Va Port Authority to vote on privatization

Tuesday - 3/26/2013, 3:10am  ET

NORFOLK, Va. (AP) -- The Virginia Port Authority is nearing a decision on whether to privatize most of its port operations.

The authority's board of commissioners is scheduled to vote on the issue Tuesday.

The authority received an unsolicited bid from APM Terminals last spring to privatize most of its port operations, taking over the job that has been done by Virginia International Terminals Inc. for the past 30 years. A group headed by JP Morgan Chase & Co. is also a contender in the process seeking a long-term lease of port facilities. The companies say their proposals are worth billions of dollars.

Virginia International Terminals also wants to keep its job, and the authority could decide to keep VIT as its operator and restructure its operations.

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