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Asciano buys NZ stevedoring business

Thursday, 8 Nov 2012 ( #590 ) - Mount Maunganui, New Zealand
Local News Story
Asciano CEO and MD John Mullen.
New Zealand-based stevedoring and logistics provider C3 Limited has become a wholly owned Asciano business, following the Australian company’s decision to buy Port of Tauranga’s 50% share in the business.

The decision, announced last Friday, was sparked by an original offer of buyout on 24 October 2012 by Port of Tauranga which offered Asciano $70 million for its shareholding. But Asciano, under a ‘shootout clause’ in the agreement, chose to exercise its right to acquire Port of Tauranga’s shares at the same price.

"We are very pleased to be in a position to acquire the outstanding 50% interest in what is a strategic asset for our Bulk & Automotive Port Services division. This acquisition delivers us a leading position in the New Zealand port services market and the opportunity to drive cross-fertilisation benefits, leveraging the skills and experience of both C3 and our Australian businesses," says Asciano MD John Mullen.
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