24 Oct 2014

Takeover of port shares complete

5:28 pm on 24 October 2014

The investment arm of the Christchurch City Council has completed the takeover of all shares in the Lyttelton Port. The council previously owned 80 percent.

Christchurch City Holdings Limited (CCHL) has advised the NZX that it has acquired all of the shares in the company and the company will be delisted on 7 November.

The takeover process began early in August when an agreement was reached with Port Otago to acquire its shares under a full takeover offer.

The investment company's chief executive, Bob Lineham, said the port would continue to be governed by its board of directors who will be accountable to the board of CCHL.

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