PD Ports backs takeover offer

The British ports industry today woke up to its second major takeover in 24 hours when North East-based operator PD Ports accepted a £246m (€359m) offer.

The group, whose PD Teesport site is Britain’s second-largest port by volume, is being bought by an alliance of private equity group 3i and Australian financial services firm Challenger.

The deal follows the £3.3bn (€4.8bn) takeover of ports and ferries group P&O by rival Dubai Ports World, which was announced to the City yesterday.