Report released this evening
www.nebusiness.co.uk/business-news/latest-business-news/2009/07/08/terra-bid-on-cards-51140-24103312/
"BRITISH buyout firm Terra Firma, which added EMI to its investment portfolio in a high profile takeover last year, refused to deny reports that it had entered the bidding war for PD Ports.
The firm is thought to be competing with private equity groups Carlyle, CVC Capital, HgCapital and Star Capital for the Teesport operator which was put up for sale by owner Babcock & Brown Infrastructure (BBI) earlier this year.
A spokesperson for London-based Terra said the company was not prepared to make any comment “at this stage”.
There has been a number of initial bids but these are being revalued following plans to mothball Corus’ Teesside Cast Products steelmaking plant in Redcar - one of the port’s biggest sources of trade. The uncertainty surrounding the plant which had been exporting more than 2m tonnes of steel slab through Teesport has reportedly forced BBI to slash its £450m asking price to £300m.
Terra specialises in buy-outs of large, asset-rich businesses. Since being launched by Guy Hands in 1994, the firm has invested around 11bn euros of equity - mainly in Europe - and completed transactions worth 42bn euros. In March Mr Hands announced he was stepping down as chief executive to concentrate on setting strategy and making investment decisions."
Report released this evening...
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