1 Aug 2014

Council plans Lyttelton Port takeover

9:17 pm on 1 August 2014

The Christchurch City Council's infrastructure investment arm is planning to take over the NZX-listed Lyttelton Port in a deal valuing the port at $424.4 million.

Christchurch City Holdings says it already owns nearly 80 percent of the port and that Port Otago, which owns nearly 15.5 percent, has agreed to accept its offer.

The holding company's chief executive, Bob Lineham, said on Friday his company has wanted to privatise the port for some time as being listed is very expensive.