Babcock Infrastructure Puts Coal Port Up for Sale, Review Says
By Angela Macdonald-Smith
Nov. 19 (Bloomberg) -- Babcock & Brown Infrastructure Group has put a stake in the Dalrymple Bay coal-export port in Australia up for sale to repay debt and get funds for expansion, the Australian Financial Review said, without citing anyone.
The company is seeking to sell 30-49 percent of the A$2.3 billion ($1.5 billion) port in Queensland state, the newspaper reported. It is understood to have issued confidential agreements to potential bidders after a group of mining companies made an approach to buy the port, the Review said.
Babcock Infrastructure, which has said it's seeking to sell stakes in some assets, will consider other sales options when it knows of buying interest, the Review cited Chief Executive Officer Jeff Kendrew as saying. The newspaper said it earlier reported that a company advised by Investec, believed to be Xstrata Plc, approached Babcock Infrastructure about the port.
To contact the reporter on this story: Angela Macdonald-Smith in Sydney at [email protected]
Last Updated: November 18, 2008 15:39 EST
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