By Shaun Milne
FORTH Ports has fought off a planned take-over by a consortium hoping to snap up the Edinburgh based business which has backed out blaming “economic uncertainty” for their decision.
Northstream had hoped to capture Forth Ports assets which includes its facilities in Leith, Rosyth, Grangemouth, Burntisland, Methil and Dundee.
The consortium – made up of Arcus, RREEF, and Peel Holdings – had planned to add it to their current portfolio of harbours which includes Clydeport’s facilities in Manchester, Hunterston, Ardrossan and Greenock.
However directors at Forth Ports insisted Northstream’s valuation of their business at £640m – or £14 a share – was short of what they thought it was worth.
The company is seen as a particularly attractive investment for future yields because it owns 400 acres of land in Edinburgh’s popular waterfront area.
