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Babcock & Brown March on Maritime Europe
01 Jan 2006
Babcock & Brown's £337m bid for PD Ports, which operates the UK ports of Tees and Hartlepool, gazumped an earlier £320m from Australia's Endeavour Ports. Babcock & Brown now owns or has received irrevocable undertakings to accept the offer covering 53% of PD Ports' shares.
The deal coincided with news last month that Hartlepool Borough Council had approved PD Ports' application for a long term property development at Victoria Harbour. The £500m scheme would open up 200 acres of prime seafront land for public use whilst protecting existing port employment.
The development will now be referred to the Government Office for the North East for final approval.
Meanwhile, Babcock and Brown has also purchased the Energis group from Portuguese conglomerate Semapa for ?490m.
Energis is involved in hydro, wind and wave energy projects in Spain, Portugal and France.
MJ Information No: 21426
