Panel dismisses port complaint

Port of Tauranga's complaint to the Takeovers Panel about Ports of Auckland's purchase of 19.9 per cent of Northland Port Corporation has failed.

This means fierce competitors Auckland and Tauranga are now cheek by jowl in Northland.

Tauranga had alleged there were associated agreements beyond the purchase of a 19.9 per cent stake and that they contravened the Takeovers Code. The panel considered material from the parties yesterday and decided not to take further action.

The Northland Regional Council approved the sale of the stake on Wednesday.

The corporation owns half of Northport, the joint venture that developed new port facilities at Marsden Pt. Its joint venture partner is Tauranga.

If Auckland gets one of the corporation's three seats on Northport's board, it will share a board room with Tauranga.