ASSOCIATED British Ports, which owns Teignmouth Docks and Plymouth's Millbay Docks, is in talks over a £2.75 billion takeover deal. The firm, which owns a total of 21 UK ports, considered 'appropriate' one offer of 810 pence a share from multinational consortium Admiral, led by US investment bank Goldman Sachs. But a rival bid by Britannia Ports, headed by Australian bank Macquarie of 840 pence per share was made the next day and has been matched by the original interested consortium. The board is still in talks and is yet to announce a decision. ABP is the largest port company in the UK and handles about a quarter of the UK's seaborne traffic. It has just invested £5 million in extension plans at Teignmouth. But regardless of the outcome of the bid, port manager Colin Greenwell said it should be 'business as usual. 'We are hoping that there will be no effect at port level. However, whoever is in charge will set company policy, but our understanding is that they want to continue as it is because it is a long-term investment.' ABP's involvement with the harbour Commission and other groups is likely to remain the same, because it makes 'good business sense'. 'Of course, that could be something that is dictated by company policy, but the port at the moment likes to see itself as an active part of the community and we have every intention of carrying that on. 'It is good for us and the public to know what we are about,' said Mr Greenwell. It is not expected that there will be any job losses. 'Our employment is on a business driven need and Teignmouth Port will still be here in years to come,' he said. Works are nearing completion on the quay reconstruction project. The ports number one dock has been infilled and a straight-line quay with new public slipway at Polly Steps has been created. Three new 100 metre-berths have been created to accommodate larger but fewer ships. A new storage shed has also been erected as part of the plans. Though it is too early to speculate on the effect on Teignmouth Port as a result of a takeover, a spokesman said 'we are anticipating business as usual'. Teignmouth port handles ball clay exports in shipments of up to 3,500 tonnes to all parts of Europe. It has built up a substantial animal-feed importation business alongside Mole Valley Farmers. Recent cargoes handled at the port include slag cement, grain, salt, timber, stone and fertilisers. The company employs 3,000 staff worldwide with the majority based in the UK. It employs about 25 people at Teignmouth.
