PD Ports has won approval for a £500m redevelopment project in Hartlepool.
The news of plans to turn the Victoria Harbour development into residential, commercial, retail and leisure space over the next 20 years has provided a fillip for Babcock & Brown Infrastructure’s £337m bid for the British ports operator.
Babcock’s rival in the battle for PD ports, Endeavour Ports, has meanwhile conceded defeat.
Its statement comes after an earlier announcement by Babcock that it either controlled or had irrevocable offers for its rival higher offer from more than half of its target’s shareholders.
Meanwhile, DP World is pushing ahead with a scheme of arrangement for its 443p-a-share bid for P&O.
References: Financial Times 20/12/05 page 20, The Times 20/12/05 page 38 (Need to know), page 43, The Daily Telegraph 20/12/05 page B3
