Port of Tauranga sells stevedoring stake

JENNY KEOWN
Last updated 09:40 05/11/2012
POT 18.100 -0.51 -2.74%
POT

Click for a detailed chart

Relevant offers

Industries

BNZ seeks mortgagee sale of Abel Tasman beach owner's $1.6m Wellington home Waitangi weekend drew out the shoppers Reclusive rich-lister John Spencer was once NZ's richest man Gareth Morgan critical of crowd-sourced Abel Tasman beach campaign Mummy blogger Heather Armstrong says 'real voices' being silenced online Animal rights group SAFE calls on Countdown to dump cage-farmed eggs Cloud security broker ThisData helping businesses stay safe in the cloud Ask the Expert: Asking friends for business investment NZ Post announces new vehicle purchase to keep up with changing consumer demands It's time to ban sunbeds, Consumer NZ says

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