OCEANIA

Auckland Ports acquired by ARH

21 years ago

Ports of Auckland is to return to full public ownership following the US$117.5m takeover bid of Auckland Regional Holdings (ARH) surpassing 90% acceptance. As a consequence, the statutory entity of the Auckland Regional Council can now enforce compulsory acquisition of the outstanding 10% shareholding of New Zealands largest port company.

Speculation has arisen that the ARH may subsequently part with the operations side of the port business to concentrate on its US$125.7m valued waterfront property. Local rail company Toll NZ has confirmed it would be interested in such a possibility. Such an investment would be consistent with the Toll Group’s spread of logistics interests in Australia.

Toll NZ has also established close relationships with several New Zealand ports, the most notable being its partnership in the pioneering MetroPort Auckland inland port operation. However, the ARH has previously stated the port company would be delisted if it was successful with its takeover bid. The body is also understood to not favour any divestment to a non-New Zealand company.

Established in the 1840s, the Auckland port became a corporation during port reform in the 1980s. It became the Ports of Auckland in 1988 when its assets were purchased by the ARC and Waikato Regional Council, and listed in 1992 when the latter sold its 20% stake.