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Article: [pounds sterling]2.5bn bid battle for AB Ports under way.
- Article from:
- The Evening Standard (London, England)
- Article date:
- June 14, 2006
CopyrightCOPYRIGHT 2006 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: NICK GOODWAY
A SURPRISE [pounds sterling]2.5 billion-plus bid battle for Associated British Ports broke out today.
As the UK's largest ports operator agreed a [pounds sterling]2.5 billion takeover offer from a consortium made up of a Canadian pension fund, the Singapore government, Goldman Sachs and part of the Prudential, it flushed out a potential counterbidder in the shape of a consortium including Australia's Macquarie and UK venture capital giant 3i.
The long-awaited bid from the consortium, called Admiral, is at the expected 810p but Dresdner Kleinwort Wasserstein quickly bought shares at 820p on behalf of the rival group. The ...