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17 December 2004
The Takeovers Panel today considered a complaint made by Port of Tauranga Limited in connection with the proposed sale by Northland Regional Council (NRC) to Ports of Auckland Limited (Ports of Auckland) of a 19.9% shareholding in Northland Port Corporation (NZ) Limited (Northland Port).
Port of Tauranga alleges that there is an association between NRC and Ports of Auckland which could result in the proposed acquisition by Ports of Auckland contravening rule 6(1) of the Takeovers Code.
The Panel obtained documentary material from the parties to the complaint. After considering the information before it, the Panel decided that, on the information available, it would take no further action in respect of the letter of complaint by Port of Tauranga.
The Panel noted that Port of Tauranga may formally request the Panel to hold a hearing under section 32 of the Takeovers Act.