|
Auckland, Tauranga merger plan canned
2009/2/27
A proposed merger between the container businesses of Ports of Auckland and Port of Tauranga has been scrapped, for now, Newstalk reported.
Ports of Auckland said Port of Tauranga has declined to advance preliminary discussions it initiated.
Ports of Auckland Chairman Gary Judd said Ports of Auckland had approached Port of Tauranga on the grounds that such a merger would deliver obvious synergies, cost savings and benefits.
Judd says Ports of Auckland will not pursue its planned acquisition of Port of Tauranga''s container business. He said comments made by Port of Tauranga in August 2008 indicating that such an acquisition would be highly unwelcome, and the deteriorating external economic environment, are factors behind the decision.
Judd says there was wide industry agreement over the need for rationalisation within the port sector.
|
2009/2/27