Keep Our Port Public

The Otago Daily Times reports:

The Otago Regional Council has rejected a suggestion Port Otago sell its 15.5% stake in rival Lyttelton Port Company, worth about $35 million, in preferance to borrowing $37.5 million to fund Dunedin’s proposed stadium.

Financial research by brokerage ABN Amro Craigs had suggested Port Otago, 100%-owned by the regional council, could sell its stake to fund the council’s share of the Awatea St stadium funding.

Regional council chairman Stephen Cairns rejected the suggestion when contacted yesterday, saying it “was never an option”.

He reiterated that Port Otago maintained a long-term view to holding the stake, which it bought in 2006.

Port Otago last year received $977,000 in LPC dividends, based on a 6.3c per share payout. Read Full Post

The Press reports that foreign investors seeking a major stake in key South Island assets such as port companies and airports are likely to be blocked under new rules to protect strategically important infrastructure.

The Government moved late on Monday to effectively block the sale of Auckland International Airport to the Canadian Pension Plan Investment Board (CPPIB) by instituting a new national interest clause in legislation governing foreign ownership of major assets on sensitive land. Read Full Post

http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10469847

Lyttelton Port is 75 per cent owned by Christchurch City Council.

Port Otago - which holds a 15 per cent stake, worth almost $40 million, in listed rival Lyttelton Port - is tipped to lead changes which could see a merger between the South Island operators.

Port Otago chairman John Gilks has rejected reports this week there had been working committee talks between the ports. Read Full Post

http://www.stuff.co.nz/4231604a23399.html

Hong Kong giant Hutchison Whampoa made an approach to buy a stake in the Ports of Auckland after its failure to shore up a deal with Lyttelton Port, inside sources say.
Hutchison, the vehicle of magnate Li Ka-shing, has port operations in every continent except Australasia. It is one of the world’s largest privately-owned operators of container terminals with a network of 45 ports.
Hutchison Port Holdings (HPH) approached the Ports of Auckland after its thwarted attempt to take a 50.1% stake in Lyttelton Port last year, a move which sparked talk of consolidation in the sector. Read Full Post

Lyttelton Port of Christchurch (LPC) shares have closed at a record high amidst renewed interest in the port sector and speculation of ports merging.

LPC shares yesterday closed 8c higher at 248c, a new peak in their 12-month range which saw them as low as 190c. Shares in South Port, based in Bluff, closed 10c higher at 250c, equalling this month’s record peak.

Port of Tauranga rose 14c to 699c, just off the top of its 12-month peak of 700c.

Read full story here.

By Otago Daily Times Business Reporter Simon Hartley

A merger proposal between arch-rivals Port Otago and listed Lyttelton Port, of Christchurch, is likely to be on the table this year, with the Dunedin company keen for talks to begin in coming months. Read Full Post

http://www.nzherald.co.nz/section/story.cfm?c_id=1&objectid=10405562

By Martin Johnston

Auckland’s hard-fought public ownership of its port company faces being partially reversed through a merger with its Tauranga competitor. Read Full Post

You are invited to the inaugural public meeting of the Keep Our Port Public Otago Branch. Read Full Post

http://www.stuff.co.nz/stuff/print/0,1478,3597537a11,00.html

By SEAN SCANLON
Two of New Zealand’s biggest maritime unions have attacked a controversial plan to sell Lyttelton Port of Christchurch’s business to a Hong Kong owner. Read Full Post

The Keep Our Port Public (KOPP) campaign was riveted to read in Christchurch
Mayor Garry Moore’s letter of April 29 that plans to sell off the port of
Lyttelton were hatched several years ago. Nice of Garry to share this with
the nation – but why weren’t those to whom he is actually accountable told
first? Read Full Post