Forth Ports to meet suitors

Forth Ports will sit down with a consortium looking to takeover the company despite rejecting two bids this year.

On revealing a return to profit in 2009 Forth says it will meet its suitors in their capacity as shareholders.

Charles Hammond.

Forth, which owns seven UK ports, posted an operating profit of £36.3m ($54.72m) in 2009 to eliminate memories of a £30.7m loss 12 months ago.

Profit from its port division was down by 8% to £40.5m, but a revaluation of property helped boost the group’s numbers.

Charles Hammond, CEO of Forth Ports, says the performance was robust despite a challenging economic environment.

As TradeWinds reported earlier this month the Northstream consortium controlling over one quarter of Forth is looking to secure a takeover. It has offered £612m for the company.

Northstream partners consist of the Arcus European Infrastructure Fund Peel, Holdings Limited and the RREEF Pan-European Infrastructure Fund

The unlisted Arcus European Infrastructure Fund has backing from 40 international institutional investors.

Peel Holdings is an established player in the UK ports sector with interests in Liverpool, the Medway ports and Clydeport as well as the Manchester Ship Canal. RREEF, part of Deutsche Bank's Asset Management division, is an existing business partner of Peel.

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