GLOBAL - A Goldman Sachs-led consortium including Borealis, the OMERS-owned Canadian infrastructure investment vehicle, has agreed to buy Associated British Ports (ABP) for £2.5bn, it emerged today.
The consortium, dubbed Admiral Acquisitions, and supported by the Ontario Municipal Employees and Retirement System vehicle and the private-equity division of the Singapore Government Investment Corp, offered 810 pence in cash.
It is reportedly a sweetener of a previously-rejected takeover proposal at 730p in March.
Markets sources say a rival bid could still scupper the agreed deal, with speculation placing the Macquarie Bank of Australia in the frame.
The investment bank is likely to be keen to cement the deal, having been elbowed out of its bid for BAA by Spanish services group Ferrovial about eight days ago.
By Lisa Haines
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.