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Owner calls off sale of UK ports operator amid legal row with PM ally
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A Canadian asset management company has abandoned the sale of one of the UK’s biggest ports operators that is embroiled in a legal battle with a close ally of Boris Johnson.
The Toronto-based Brookfield Asset Management had put PD Ports up for sale in the summer, but said it had decided to call off the auction. The company owns 12 ports and distribution sites across the UK, including Teesport in north-east England.
The South Tees Development Corporation (STDC), which is run by the Tees Valley combined authority and headed by the authority’s Conservative mayor, Ben Houchen, had been bidding for the ports company, and had recruited a number of backers, including the UK’s Pension Insurance Corporation.
The decision to call off the sale is a blow
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