CCHL edges over 70pc

Christchurch City Holdings has upped its stake in Lyttelton Port to 70.6 per cent, a substantial shareholder notice lodged with the stock exchange showed yesterday.

CCHL also updated the Christchurch City Council on its takeover plans for Lyttelton since would-be partner Hong Kong's Hutchison pulled out.

CCHL said yesterday the changed circumstances meant it had to split the bid into two phases. It would first have to boost its stake in Lyttelton to 80 per cent and then develop strategies to deal with Port Otago, which has bought a blocking stake of more than 11 per cent.