Hutchison cancels New Zealand port investment
Hutchison Port Holdings said today that as a result of Christchurch City Holdings Ltd.’s (CCHL) failure to privatize Lyttelton Port Co. Ltd., it will not continue with its planned investment in the New Zealand port company.
Minority shareholders in Lyttelton Port blocked CCHL from buying the outstanding shares in Lyttelton Port. Under the proposed investment plan, Hutchison would then have bought 49 percent to become a joint operator of the port.
“HPH remains open to further discussions with CCHL in the event they are able to complete the takeover of LPC on acceptable terms,” Hutchison said in a statement.
Hutchison cancels New Zealand port investment
