Port of Tauranga sells stevedoring stake

JENNY KEOWN
Last updated 09:40 05/11/2012
POT 17.150 0.15 0.88%
POT

Click for a detailed chart

Relevant offers

Industries

Southern Response to get more Government money if needed Council of Trade Unions president Helen Kelly's doctors 'very pessimistic' No quake help for building owners in Budget Manuka honey company Comvita profit up 28 per cent to record high Serko riding a 'rocket ship' of sales Mighty Ape snaps up failed online retailer LeftBrain Govt property plans will attract Chinese investors International airfares will rise new departure tax Recycler fined $23,500 for unsafe plant Former Blues CEO Peter Scutts found guilty of receiving wine kickbacks

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