UNIONS are to seek talks with the likely new owners of Southampton docks "as soon as practically possible" in the wake of a £2.48 billion takeover deal.

As reported in later editions of yesterday's Daily Echo, the port now looks certain to pass into foreign ownership after bosses backed a massive offer for its parent company from a US bank.

Docks owner Associated British Ports (ABP) has been targeted by a consortium led by US bank Goldman Sachs and backed by Canada's largest pension fund and the investment arm of the Singapore government.

ABP, which owns 21 UK ports, said this morning it had reached agreement with the consortium after three months of speculation.

The consortium said it would keep on ABP chief executive Bo Lerenius and that it was committed to the long-term ownership and continued development of the business.

A statement said: "The members of the consortium are specialists in infrastructure investments who seek investment opportunities which provide stable cashflows and appropriate growth opportunities.

Long-term value "The consortium also believes that the benefits of private ownership will enhance the long-term value of ABP, while providing ongoing stability to the business."

The offer of 810p a share up from the initial offer of 730p in March is still subject to shareholder approval, but that is widely thought to be a formality now the board has backed the proposal.

A spokesman for the Transport and General Workers' Union said: "The issue for us is job security and making sure our members don't lose out. We will be looking for positive indicators from the new set-up, considering that they are buying a thriving company."

The move comes days after Southampton International Airport owner BAA backed a £10.3 billion takeover proposal from the Spanish construction firm Ferrovial.

Earlier this year, half of Southampton Container Terminals (SCT), Britain's second biggest container port, was sold to a Dubai-based company as part of a £3.3 billion deal.

The prospect of new port owners has triggered widespread speculation that they may revive controversial plans for a new container terminal at Dibden Bay.

Nationally, ABP handles almost a quarter of the UK's seaborne trade, with Southampton the leading UK vehicle-handling port. It generates £1.6 billion for the local economy from port-related activities.

A major Southampton employer, ABP employs 820 people directly and a further 800 at SCT, in which it has a half-share.