Ports merger idea ruled out

Auckland Regional Holdings, owner of Ports of Auckland, said today it would not support a merger with Port of Tauranga Ltd.

The ports unveiled the merger plan last October to create the country's biggest ports company to counter the entry of foreign operators and declining ship visits.

In March, Port of Tauranga withdrew from merger talks with Ports of Auckland because of the delays and reluctance on the part of the Ports of Auckland's shareholder.

Shares in Port of Tauranga were steady at $7.00.

Ports of Auckland was privatised in 2005 by local body Auckland Regional Holdings.

- REUTERS