C3 to become Australian owned

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.

C3 has over 800 staff working in 15 ports around New Zealand and Australia.