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.
- © Fairfax NZ News