Port of Tauranga withdraws from merger talks

Merger talks canned
Merger talks canned

Port of Tauranga has pulled out of a proposed merger with Ports of Auckland.

The merger was first mooted a year ago by Ports of Auckland, but it was only announced it to the stockmarket in October.

The owners of the northern hub, Auckland Regional Holdings, have been unable to decide whether the merger is worthwhile or the terms on which it would be prepared to pursue it.

Port of Tauranga chief executive Mark Cairns says it is withdrawing reluctantly.

He says its economic models suggest it would have been financially beneficial both to its customers and shareholders.

(C)NewsRoom.co.nz

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