Reports: Hutchison affiliate preparing to enter ABP bidding war
An Asian consortium, led by one of Hong Kong’s leading multinational conglomerates Cheung Kong Infrastructure Holdings, is planning to join the bidding war for Associated British Ports, according to various media reports.
CKI is the flagship unit of the Cheung Kong Group, which comprises 10 companies including Hutchison Whampoa Ltd, parent of the world’s largest port operator Hutchison Port Holdings.
The Goldman Sachs-led group, Admiral Acquisitions UK Ltd., last week raised its original offer to '8.40 ($15.53) per share, equal to '2.57 billion ($4.75 billion), following declared interest from a rival consortium headed by Australia’s Macquarie Bank.
ABP is the United Kingdom’s biggest port group, handling 129.3 million tons of cargo at its 21 British ports in 2005, giving it about 23 percent of the U.K. market.
The speculation over the entrance of a third bidder saw ABP’s share price on the London Stock Exchange soar to a record high '8.83 ($16.24) Tuesday morning.
Reports: Hutchison affiliate preparing to enter ABP bidding war
