Banking giant in £356m offer for port firm

ONE of the world’s largest banks has made a fresh bid of more than £350 million for Port of Dundee hazardous waste firm Augean.

Morgan Stanley has tabled an offer of 340 pence per share, which values Augean at £356.9m.

Augean was responsible for bringing the first major decommissioning project – of Shell’s Curlew ship – to the Port of Dundee and worked on it for more than a year.

The Wetherbyheadquartered firm also has four sites in Aberdeen as well as a Peterhead facility.

Last month, a bid was made by investment firms Ancala and Fiera Infrastructure of Canada under the banner of Eleia Limited.

That offer, of 325 pence per Augean share, valued the hazardous waste firm at £341m.

The Eleia bid had been recommended for approval by the Augean board.

It had withdrawn that recommendation and is suggesting the new bid from Morgan Stanley be approved by shareholders.

Documents showing the latest offer read: “The Augean directors consider the terms of the increased MSIP (Morgan Stanley Infrastructure Partners) offer to be fair and reasonable.

“The Augean directors have therefore withdrawn their recommendation of the Eleia offer.”

Back in May, Morgan Stanley made an initial offer worth around £300m for the firm.

Two extensions were granted to try to complete the deal before the other bidder emerged.

Shareholders are anticipating that a counter bid may follow.

The firm said: “In light of the superior proposal of 340 pence per Augean share, the Augean directors intend to recommend unanimously that Augean shareholders vote in favour of the resolutions to implement the increased MSIP offer.”

A general meeting is planned to consider the new Morgan Stanley offer on September 30.