European Union antitrust regulators have cleared a deal giving French and Luxembourg investment funds joint control of one of Europe’s biggest port operators.
The EU fast tracked approval of the sale by Australia’s Babcock and Brown Infrastructure of a near 30 percent share of its Euroports unit to France’s Antin Infrastructure Partners and BBEIF, a Luxembourg-based investment fund, because it will not impact competition among European ports.
BBI agreed to sell a 29.7 percent stake in Euroports, an operator of 20 bulk and break bulk cargo terminals at 15 ports in seven European countries, for $158 million in late December. It is now negotiating a second deal that would give the two funds as much as 49 percent of Luxemburg-based Euroports.
BBI has mandated Royal Bank of Scotland and Dresdner Kleinwort, a German investment bank, to negotiate the potential sale of its U.K. arm PD Ports after receiving unsolicited interest in the operator of Teesport, one of Britain’s largest ports.
BBI has also short listed potential buyers of a stake of up to 49 percent in its Dalrymple Bay Coal terminal, Australia’s second largest bulk shipping facility. It has said it would dispose of its entire holding if the price is right.
BBI last week said it would not be affected by the bankruptcy of investment bank Babcock and Brown, its legal controlling shareholder.
The EU fast tracked approval of the sale by Australia’s Babcock and Brown Infrastructure of a near 30 percent share of its Euroports unit to France’s Antin Infrastructure Partners and BBEIF, a Luxembourg-based investment fund, because it will not impact competition among European ports.
BBI agreed to sell a 29.7 percent stake in Euroports, an operator of 20 bulk and break bulk cargo terminals at 15 ports in seven European countries, for $158 million in late December. It is now negotiating a second deal that would give the two funds as much as 49 percent of Luxemburg-based Euroports.
BBI has mandated Royal Bank of Scotland and Dresdner Kleinwort, a German investment bank, to negotiate the potential sale of its U.K. arm PD Ports after receiving unsolicited interest in the operator of Teesport, one of Britain’s largest ports.
BBI has also short listed potential buyers of a stake of up to 49 percent in its Dalrymple Bay Coal terminal, Australia’s second largest bulk shipping facility. It has said it would dispose of its entire holding if the price is right.
BBI last week said it would not be affected by the bankruptcy of investment bank Babcock and Brown, its legal controlling shareholder.