Port of Tauranga sells stevedoring stake

Last updated 09:40 05/11/2012
POT 18.750 0.00 0.00%

Click for a detailed chart

Relevant offers


Architecturally-designed Wellington central building up for sale How Toyota used Nascar to sway loyal US car buyers Health drink SOS Hydration seeks to raise $2.3m in crowdfunding campaign VW announces cleaning solution for dirty diesels AFT Pharmaceuticals to list on NZX and ASX in December Brokers view: Positivity may be returning for Kathmandu Successful New Zealanders celebrated at Moet event Animal activists protest as Craddock Farms appeal begins Celebrating a year of fashion success with Harman Grubisa Xero founder Rod Drury cashes in $20m of Xero shares

Major Australian transport company Asciano is to acquire the remaining 50 per cent stake in stevedoring business C3 from Port of Tauranga.

Asciano's $70 million (NZ$88m) purchase means C3 will be a wholly owned Asciano business.

C3 provides stevedoring services in 14 ports across New Zealand and forestry services in three ports in Australia.

Asciano is a major Australian transport operator with revenue of A$3.4 billion in the year to June 2012. It owns Patrick which provides over half of Australia's stevedoring operations, Pacific National Rail and Pacific National Coal.

Port of Tauranga's chief executive Mark Cairns said it had initiated the sales process for C3. The sale of C3 would have little impact on the port's future plans and it was pursuing opportunities to continue its growth strategy, he said.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content