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Port of Tauranga pulls out of Auckland merger talks.
(From Lloyds List)
NEW Zealand's Port of Tauranga says it has withdrawn from formal merger discussions with Ports of Auckland, writes Janet Porter.
Shareholder Auckland Regional Holdings had been unable to decide whether a merger was worth undertaking or the terms on which it would be prepared to pursue a merger, it said.
'So, reluctantly, Tauranga has withdrawn from the discussions,' the port's statement added.
Ports of Auckland originally proposed the merger 12 months ago.
Tauranga chief executive Mark Cairns said late last week that the economic and financial modelling 'demonstrates that the merger ...
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