goldman/ABP: first port of call

Practice makes perfect - at least when it comes to selling British infrastructure assets. Investors were amazed when DP World paid a far-from-bargain valuation of 16 times eibtda for P&O’s ports business at the start of the year. They were astounded when Spain’s Ferrovial then paid more than 16 times ebitda for British airport operator BAA. So they must feel numb that a consortium led by Goldman Sachs has just offered more than 17 times ebitda for ABP ports. Its latest 910p per share bid is a fu...