Babcock & Brown Infrastructure Halts Trading

Babcock & Brown Infrastructure, the Australian parent of Euroports, the leading European bulk/break bulk stevedore, halted trading in its shares on the Sydney stock exchange Sept. 2, pending a potential capital injection.

BBI, which also owns the UK's PD Ports, said it expects to announce an injection of funds from a cornerstone investor, who will take a key stake in the company, by Friday.

BBI last week said it booked a $170 million pre-tax loss after selling a bigger stake, 40 percent, in Euroports, instead of an initially planned 29.7 percent, for a lower price.

BBI retains 60 percent of the Luxembourg-based Euroports, which handles around 70 million metric tons of cargo annually at 20 bulk and break bulk terminals at 15 ports in Belgium, Bulgaria, France, Finland, Spain, Italy and Germany.

Sydney-based BBI, which suffered a net loss of $838 million in the year to June 30, said it is awaiting offers for PD Ports, the owner of Teesport, one of the UK's top bulk ports.

PD Ports is reported to have carried a $720 million price tag when it was originally put on the market last year, but this is said to have dropped to around $480 million following the worldwide slump in cargo traffic.

BBI also is looking for a buyer for Australia's Dalrymple Bay terminal, the third largest coal shipping facility in the world.

Contact Bruce Barnard at brucebarnard47@hotmail.com.