Ports owner's US expansion
Wednesday 20 May 1998
The 190p-a-share offer is a 15 per cent premium to the American Port Services share price on 6 May, a day before ABP announced it was in talks to buy the London-listed port operator at that price.
For ABP, the move is the latest in a series of measures to boost returns, promised by managing director Andrew Smith, who joined the UK's largest port owner in February 1997.
"APS is an excellent strategic acquisition for ABP which allows us to extend our port operations into North America,'' Smith said in a statement.
ABP shares were down 2p at 365p. APS shares rose 6.5p to 186p.
APS was established in 1995 as a vehicle to sell shares in the Port of Benicia in California and later expanded with the purchase of the Hobelmann Group, a port services business on the eastern seaboard of the US. APS also manages nine US airports.
The company had profits before tax of pounds 6.3m on sales of pounds 37.5m last year, compared with ABP's pre-tax profit of pounds 99m on sales of pounds 286.9m.
With 23 ports, ABP handles about one-quarter of the UK's seaborne trade. Smith has reorganised its ports operation and launched a pounds 100m share buy-back in an effort to accelerate earnings growth.
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 Israel's propaganda machine is finally starting to misfire
- 5 'Hello mum, this is going to be hard for you to read ...'
Sally Farmiloe dead: Howards' Way actress, and former mistress of Jeffrey Archer, dies aged 60
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...