PD Ports takeover reaches final stages

THE takeover of Teesport operator PD Ports by Australian investment fund Babcock & Brown (BBI) could be complete within a week.

BBI said it had won control of more than 90 per cent of PD Ports shares after bidding about £337m for the company.

Sources say PD Ports could be de-listed and taken private, by BBI within a week.

BBI trumped a £320m takeover bid from rival Australian consortium Endeavour Ports last month.

It said: "Acceptances received overnight, when combined together with securities held by BBI and its associates, means that BBI has now effectively secured control of over 90 per cent of the capital of PD Ports, which is the threshold required to enable compulsory acquisition to occur."

A spokesman for PD Ports said yesterday it would be "business as usual" even after BBI's takeover.

The management team at Middlesbrough-based PD Ports is expected to remain.

PD is believed to have attracted investors because of its steady growth, and plans to build a £300m container terminal on the Tees, which could bring 7,000 jobs.

The purchase marks the latest development in European port operators after a string of acquisitions recently.

25/01/06