Asciano to buy Port of Tauranga’s 50 percent stake in C3 for $70M

Sun, 04 Nov 2012

Nov. 5 (BusinessDesk) - Asciano, Australia’s largest national rail freight and ports operator, has exercised its right to acquire the 50 percent of the C3 marshalling and stevedoring business in New Zealand for $70 million from Port of Tauranga. C3, formally known as Toll Owens Limited, operates at 13 ports throughout New Zealand. Port of Tauranga had offered to buyout Asciano at the same price and Asciano exercised its right under a so-called shootout clause of the joint venture. “Our original desire to own 100 percent of C3 was prompted by...

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