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June 25, 2006
Goldman Consortium Raises Offer
The race to acquire Associated British Ports Holdings PLC heated up with one of the bidders, the Goldman Sachs Group, increasing its offer to $5.1 billion, in an attempt to discourage its opposition led by Macquarie Bank Ltd., Australia. The takeover bid for the port operator by the two rival consortiums has pushed the share prices of AB Ports to $16.73, an increase of 4.3 percent. The Goldman Consortium, which comprises Borealis Infrastructure Management Inc., part of Canada's Ontario Municipal Employees Retirement System, and Singapore government fund GIC Special Investments, had earlier tendered $15.44 per share, an offer equaled by the Macquarie consortium, which includes Canada Pension Plan Investment Board and the Australian investment and advisory-management firm Industry Funds Management. Business Week reports:
Port operators have become attractive takeover targets of late due to their stable income streams, large property portfolios and buoyant shipping markets on the back of growth in Chinese trade flows. Analysts added that Goldman is under pressure to complete the deal after a string of failed bids for British companies including airports operator BAA PLC, broadcaster ITV and pub company Mitchells & Butlers.
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