Goldman Sachs looks set to beat Australian rival Macquarie Bank in the fight for control of Associated British Ports after the UK company threw open the process to a late-night bidding war. 3i, which was backing Macquarie, pulled out during the battle.

Goldman's consortium bid £2.6bn (€3.8bn) for the group last week and upped its offer by 8% from 840p per share to 910p per share, valuing the company at £2.8bn, to secure the backing of ABP's board last night.