Associated British Ports may fetch £3bn.

The investment bank confirmed yesterday that it was working on a possible bid with Canadian and Singaporean investors, pitched at about 740p a share, that could value the British ports group at £2.2 billion. Shares in ABP surged 3 per cent to close at 717p, but analysts said that new tax rules for property companies in the UK and the possibility of a contested bid could push an offer price closer to 980p or £10 a share — or more than £3 billion.

ABP, the UK’s biggest ports operator, has left open the door to a takeover bid and asked the consortium to put its intentions in writing before talks can begin.

Communications between the two sides’ advisers are expected this week as Goldman Sachs has indicated that it is looking for a recommended offer.