Babcock & Brown completes PD Ports takeover
Australian investment company Babcock & Brown has completed the '337 million ($597 million) cash acquisition of PD Ports.
PD Ports is the owner and operator of the United Kingdom ports Teesport and Hartlepool.
Former PD Ports chairman David Harding along with non-executive directors Alan Kelsey, James Sutcliffe and James Wilding all resigned from the company Tuesday, in accordance to the terms of Babcock & Brown’s offer.
Steven Boulton has been appointed as the new PD Ports chairman. Jonathon Sellar, Nicholas O’Day, Simon Gray and Neil Lewis were appointed non-executive directors.
O’Day was an executive director of Enron Corp. subsidiary Enron Japan Corp., when the company was declared insolvent in December 2001.