Marsden Maritime and the Port of Tauranga each own 50 percent of Northport. Photo: Supplied
- Port of Tauranga would cement its position, Ports of Auckland would go
- Investment arm of Ngāpuhi and local regional council other partners
- NZX would lose another small company
A shakeup is in the offing for the ownership of port operations in Northland.
A consortium of the Port of Tauranga, Northland Regional Council, and Ngāpuhi investment body, Tupu Tonu, is proposing to buy out minority shareholders in Marsden Maritime Holdings and delist the company from the stock exchange.
Marsden Maritime and the Port of Tauranga each own 50 percent of Northport, but the latter would sell its stake to the privatised Marsden thus bringing ownership of Northport under one structure.
The consortium is offering $5.60 a Marsden Maritime share, a 73 percent premium to the company's last traded price, and if approved would see the Regional Council own 43 percent of the new structure, Port of Tauranga 50 percent, and Tupu Tonu 7 percent.
The deal would end the involvement of Ports of Auckland in the region, as it would sell its near 20 percent stake in Marsden Maritime, conditional on a suitable valuation report.
Regional Council chair Geoff Crawford said the deal would simplify and strengthen the investment and benefits for the region.
"This proposal keeps ownership of the port in New Zealand, gives Northland a bigger stake and influence over the future direction of this regionally significant infrastructure asset, while at the same time further strengthens our strategic partnership with the country's largest port operator."
He said the council would consult with ratepayers on the proposal.
The Port of Tauranga would put in nearly $40m for the buyout, to be used for later development.
"This simplified structure positions the port operations for any commercial growth initiatives requiring additional capital," chief executive Leonard Sampson said.
