|
Friday 19th February 2010 |
Text too small? |
Lyttelton Port and Port of Otago will extend their negotiations over a possible operational merger, saying it is ultimately in the hands of their shareholders and the regulator whether it can fly.
Though both companies are “treating this project with the utmost of urgency,” they said in a statement. The talks have dragged on, with an independent report commissioned before Christmas and a subsequent review, neither of which has been made public.
“This process is critical to ensuring appropriate decisions are made for the long-term sustainability of port operations in the South Island and in the interests of all stakeholders,” LPC chairman Rodger Fisher and Port Otago chairman John Gilks said in a statement.
LPC and Port Otago have been in private talks about a merger or alliance, as part of a response to changes in freight movements that’s increasingly seeing shipping companies call at fewer ports as the industry recovers from the global crisis.
Shares in Lyttelton Port were unchanged at $2.45 in trading today.
Businesswire.co.nz
No comments yet
Lyttelton Port annual earnings near bottom of guidance, dividends return in 2014
Ngai Tahu's Burt to lead Lyttelton Port board
Solid Energy, cruise ship revenue losses pull Port of Lyttelton down
Lyttelton Port sees 2013 annual earnings down by as much as 23%
Lyttelton Port won't accept cruise bookings for 2013-14 season
Lyttelton Port defers cruise berth development as cost soars 40%
Lyttelton Port battles insurer, cruise ship numbers plunge
Three-month wait for Lyttelton Port quake costs
Failed merger a major hurdle for South Island ports
Lyttelton Port calls off merger talks with Otago
