Christchurch City seeks to mop up remaining shares in Lyttelton Port

Fri, 01 Aug 2014

Aug. 1 (BusinessDesk) - Christchurch City Holdings, the city's infrastructure investment arm, says it will offer to buy the 20 percent of Lyttelton Port Co it doesn't already own and has a lock-up agreement for Port Otago's 15.5 percent holding. The shares soared on the news. CCH already owns 79.6 percent of the port company and with Port Otago's holding it will comfortably be above the 90 percent threshold to compulsorily acquire the rest of the shares. It will offer “This acquisition will enable CCH to have greater flexibility in its re...

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