NORFOLK, Va. (AP) - The Virginia Port Authority will not privatize most of its port operations.
The authority's board of commissioners voted unanimously Tuesday to discontinue negotiations with two companies that were seeking to lease and operate the state's ocean terminals.
Instead, the board voted to stick with longtime port operator Virginia International Terminals. VIT has operated the state's ports for the past 30 years and the board will seek to restructure its operations to improve its performance.
The authority received an unsolicited bid from APM Terminals last spring to privatize most of its port operations. A group headed by JP Morgan Chase & Co. was also a contender in the process seeking a long-term lease of port facilities. The companies say their proposals were worth billions of dollars.
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