The Aussies are coming - Melbourne-based investment firm set to take control of ports giant ABP

ABP - lynchpin of the UK economy

NEW majority owners are in prospect for one of the Grimsby area's largest employers - ports giant ABP.

An Australian asset management  fund, IFM Investors, has swooped for a 63.9 per cent  stake with an offer of £10-billion which, once due diligence has been completed, is likely to proceed.

Also known as Associated British Ports, ABP was created by the nationalisation of ports in the wake of World War Two before being nationalised by the Government under Margaret Thatcher.

It is reckoned to have been one of the few clear successes of nationalisation and embraces Grimsby and Immingham on the Humber, Southampton and some 20 other ports.

With its slogan, 'Keeping Britain Trading', it handles at least a quarter of the UK's seaborne trade worth an estimated £150-billion a year.  

The Humber ports are also a crucial land hub for Britain's offshore windfarms, with Orsted being one of its main clients.

It is many years since ABP has been listed on London's Stock Exchange and it is currently understood owned by other investment funds of diverse nations including the Canadian Pension Fund with a 33.9 per cent stake.

The prospective new owners, IFM Investors, are based in Melbourne and controlled by 15 Australian pension funds.

The full list of ABP locations in the UK is as follows:

* ABP Cromarty Firth Energy Park

* ABP Helm

* Ayr

* Barrow

* Barry

* Cardiff

* Fleetwood

* Garston

* Goole

* Grimsby

* Hams Hall Rail Freight Terminal

* Hull

* Immingham

* Ipswich

* King's Lynn

* Lowestoft

* Newport

* Plymouth

* Port Talbot

* Silloth

* Solent Gateway

* Southampton

* Swansea

* Teignmouth

* Troon

Its services include the following:

* Agribulks

* Bulk Energy

* Containers

* Dry Bulk

* Liquid Bulks

* Project Cargo

* Ro-Ro and ferries

* Marinas

* Automotive

* Construction

* Cruise

* Forest Products

* Offshore Wind

* Rail Freight

* Steel and other metals

* Defence

* Critical Minerals

ABP's chief executive for the past eight years has been Henrik Pedersen who comments: "A bold new chapter now opens for the company.

"Attracting investment from a fund managed by IFM Investors is a powerful endorsement of our business, our people and our strategy.

" We are excited to unlock further growth opportunities, together with IFM Investors and our other shareholders, continuing ABP's long-term investment benefitting our customers, our local communities and the UK."

The deal is expected to complete in the first quarter of next year.

Immingham is one of the most important ports in ABP's portfolio