Macquarie 'still in ports race'

A consortium led by Australia's Macquarie Bank said it was still considering making a counterbid for Associated British Ports despite a media report that some members of the group had pulled out.

The Daily Telegraph said the Canadian Pension Plan Investment Board and Australia's Industry Funds Management had pulled out of the Macquarie-led group, which has been eyeing a bid for the UK ports firm.

Another of Macquarie's partners, UK private equity firm 3i Group, left the consortium on Friday.

A Macquarie spokesman yesterday declined to comment on the report but said the consortium's position had not changed.

"It is considering its position, and a further announcement will be made in due course," the spokesman said, reiterating a statement made last week.

Associated British Ports last week agreed to a £2.8 billion ($8.5 billion) offer from a rival consortium that includes Goldman Sachs, which had raised its offer for the British firm in a bidding war against Macquarie.

Sources familiar with the situation had said on Tuesday that the Australian bank and its partners were still actively considering their options, despite rumours the Macquarie-led group was set to pull out of the race.

Shares in Associated British Ports were 0.7 per cent weaker at 915p, above the 910p offer by Admiral Acquisitions, the consortium which includes Goldman Sachs.

- REUTERS