PD Ports bidder pulls out of running

Australian infrastructure firm Babcock & Brown looked set to land PD Ports today after a rival suitor refused to get involved in a bidding war.

In late November the Endeavour Ports consortium tabled a £246m (€361m) offer for the firm, which was backed by the board of PD Ports.

However the board then switched camps, swinging behind a £260m (€382m) takeover proposal from Babcock & Brown, which Australian-based Endeavour today announced was more than it was prepared to pay.

North East-based PD Teesport is Britain’s second largest port by volume.