Bidders are circling Teesside-based PD Ports as a £1bn battle intensifies for the company at the centre of Britain’s biggest freeport.
A consortium led by Tees Valley mayor Ben Houchen’s development authority is vying with Peel Ports – part of billionaire John Whittaker’s empire – and Australian fund giant Macquarie to win control of the company, which is owned by Canada’s Brookfield.
The successful bidder will secure control of a sprawling 490-acre site, which sits at the heart of the 4,500-acre Teesside freeport area.
The South Tees Development Corporation, led by Houchen, has won backing for the bid from Legal & General, the Duke of Northumberland’s investment company Northumberland Estates, the Pension Insurance Corporation and Credit Suisse.
Peel Ports is the second largest ports business in the UK, handling nearly 70m tonnes of cargo each year and almost 15% of Britain’s total port traffic.
