ABP to buy US port operator

Associated British Ports (ABP) will buy American Port Services, which operates six US ports, for GBP106 million (about HK$1.34 billion) to broaden its operations.

The offer of 190 pence a share is a 15 per cent premium to the American Port Services share price on May 6, the day before ABP said it was in talks to buy the London-listed port operator.

The move is the latest in a series by ABP to boost returns promised by managing director Andrew Smith, who joined Britain's largest port owner in February last year after it had seen years of sluggish growth.