Ports of Auckland faces complaint on share deal

Ports of Auckland's plan to buy 19.9 per cent of Northland Port Corporation from the Northland Regional Council for $24 million faces a complaint to the Takeovers Panel.

A panel spokeswoman and the Northland Port Corporation refused to say what the complaint related to.

A letter from the panel has been sent to the corporation.

Ports of Auckland plans to pay $2.90 a share.

The corporation owns half of Northport, a joint venture with Port of Tauranga which built facilities at Marsden Point.

Northport does not have any container handling facilities and has been suffering from the downturn in the forestry sector.

But it is a natural deep water port and the harvest from Northland forests maturing for the first time is expected to go through it.

Northland Regional Council will still own 52.4 per cent of Northland Port Corporation if the deal goes ahead.

Commentators have questioned the benefit of a buy-in to Auckland and also the price being paid.