One of New Zealand's largest stevedoring companies, C3, is about to become fully Australian owned.
Port of Tauranga chief executive Mark Cairns said the Port, who were in a 50-50 shareholding with Asciano, had wanted to take full ownership of the company.
In a statement he said the buyout was sparked by a deteriorating financial performance and an inability by the Port as half owner to fix it.
But Asciano, Australia's largest rail freight and ports operator, exercised a shootout clause in the shareholder agreement.
They have acquired the stevedoring company for the same seventy million dollar amount the Port was offering them.
