Property magnate docks at Mersey

NORTHERN property magnate John Whittaker has finally pulled off the £1bn takeover of Mersey Docks and Harbour Company after seven months of attempting to unite the Liverpool business with his growing empire of brownfield property and docks interests in Manchester and Glasgow.

The deal makes Isle of Man tax exile Whittaker, whose interests used to be listed on the Stock Exchange as Peel Holdings, one of the biggest ports players in the country, having previously signed deals to acquire the Manchester Ship Canal and Clydeport.

The owner also of Manchester's massive Trafford Park retail centre and Liverpool's John Lennon airport, Whittaker said: 'The combination of Mersey with our existing port operations offers exciting opportunities. We hope to combine our expertise in managing waterside and brownfield property assets with those of the Mersey management and employees.'

The deal values Mersey's shares at 982p, giving the group a market capitalisation of £771m. It is also taking on £224m of debt. Mersey shareholders get an 18p agreed dividend payment.