Macquarie pulls out of race for ABP

Macquarie pulls out of race for ABP    The consortium headed by Australia’s Macquarie Bank, Britannia Ports Ltd., confirmed Friday it will not be making a formal offer for Associated British Ports Holdings, leaving the path clear for the Goldman Sachs-led consortium, Admiral Acquisitions UK Ltd., to complete its '2.79 billion ($5.15 billion) takeover.
   Britannia Ports — Macquarie European Infrastructure Fund, Macquarie European Infrastructure Fund II, Canada Pension Plan Investment Board, Industry Funds Management and Macquarie Bank Ltd. — never made a firm offer for ABP, but its interest forced Admiral to raise its offer to '9.10 ($15.53) per share, from a previously accepted $8.10 ($14.97) per share bid.
   U.K. investment company 3i Group earlier pulled out of the Britannia Ports consortium. In May, a different consortium headed by Macquarie Bank failed with a similar last-minute attempt to hijack Toll Holdings takeover of Australian ports and airport operator Patrick Corp., only for one of the consortium members to withdraw.
   ABP’s share price on the London Stock Exchange was 901.5 pence ($16.62) at 1:05 p.m. local time today.