Ports of Auckland completes purchase of 19.9 per cent stake in NPC

Ports of Auckland said today it had completed the purchase of a 19.9 per cent stake in Northland Port Corporation (NPC).

Ports of Auckland bought the stake from the Northland Regional Council for around $24 million.

The council is left with a 52.4 per cent holding in NPC.

The deal had met with opposition, with Port of Tauranga writing a letter of complaint to the Takeovers Panel.

Port of Tauranga, which is a 50-50 partner with NPC in Norhport -- Marsden Pt's deepwater port, alleged in the letter there was an association between NRC and Ports of Auckland which could result in the proposed acquisition contravening the Takeovers Code. The panel decided not to take any action.

Shares in Ports of Auckland were down 12c to $6.80 in early afternoon trade, while Northland Port was up 8c at $3.00 and Port of Tauranga was down 9c at $5.53.

- NZPA