Macquarie consortium not to bid for Associated British Ports

LONDON: A consortium led by Australia’s Macquarie Bank has dropped out of the bidding for Associated British Ports Holdings. Macquarie’s group, Britannia Ports, said it doesn’t intend to make a formal offer.

On June 23, AB Ports endorsed a £2.8bn (e4.1bn; $5.1bn) offer from Goldman Sachs’ consortium, Admiral Acquisitions UK.

Later that day, however, AB Ports said that a consortium including Macquarie, 3i Group, Canada Pension Plan Investment Board and Australia-based investment and advisory management company Industry Funds Management had said it is considering
a rival cash offer for Britain’s largest port operator.

The Britannia group said it still reserved the right to announce an offer for AB Ports within the next six months if the proposed acquisition by the Goldman-led group lapses or is withdrawn, if the AB Ports board decides to recommend an offer by Britannia or if there is a material change in the situation.