Canadian pension funds to exit UK’s biggest port operator in £10bn deal
The Financial Times has reported that two Canadian pension giants plan to sell their stakes in Associated British Ports in a deal that they hope will value the UK’s biggest ports operator at more than £10bn.
The Canada Pension Plan Investment Board (CPPIB) and Ontario Municipal Employees Retirement System (OMERS) , which own 34 per cent and 33 per cent of ABP, respectively, have appointed bankers at investment bank Morgan Stanley to explore a sale of their stakes.
ABP was taken private in 2006 by a group of investors, including Goldman Sachs’ infrastructure arm and OMERS, for £2.8bn. Ownership of the group has since changed, with CPPIB acquiring its stake in 2015.
Other major shareholders include Singapore’s sovereign wealth fund GIC with 20 per cent, the Kuwait Investment Authority’s Wren House Infrastructure with 10 per cent and asset manager Hermes, which owns about 6 per cent.
The full article and more analysis can be found here FT article >
In a joint effort to advance low-carbon logistics, Kuehne+Nagel, LeShuttle Freight, Voltempo, and DAF Trucks have successfully sent the first electric heavy-goods vehicle (eHGV) through the Channel Tunnel.
All shipments will require an Entry Summary Declaration (ENS) to be submitted in advance. Your entry summary declaration must be complete, accurate, and submitted on time. Goods arriving without a valid ENS may face delays, inspections, or refusal at the EU border.
Red Sea shipping refers to the crucial trade route connecting Europe and Asia via the Suez Canal, vital for global commerce, but currently experiencing major disruption due to Houthi rebel attacks from Yemen since late 2023.
Back in 1836, Thomas Meadows and Company Limited of London, began to see the need for this industry following the demand created by more reliable rail transport and steamships. Trade was increasing to Europe and North America in particular. In fact the first freight forwarders were London innkeepers who forwarded on the luggage of their hotel guests!