ARC Supports Bid

The Auckland Regional Council supports Auckland Regional Holdings' bid to take full ownership of the Ports of Auckland. Chairman of the ARC, Michael Lee, says the Council supports the offer made by its subsidiary, ARH, and describes it as "a logical move" which clears the way for an exciting future for Auckland's waterfront.

"ARH already owns 80 per cent shares in the Ports, and from the ARC's point of view, taking its ownership to 100 per cent is a sound commercial decision, made by a highly competent, commercial Board.

"The ARH Board has investigated the purchase in a rigorous manner, and has made an offer to the Ports minority shareholders which we believe is fair."

Mr Lee describes the Ports of Auckland as a major regional asset which is absolutely vital to the region's economy and growth. The port is here to stay, he says.

He says the successful public takeover of the Ports would make it far easier for the waterfront land to be developed for the long-term benefit of the Auckland region.

"Our intention is to strike a balance between maximising public benefit of the wider waterfront and its commercial use as a port," he says. "The ARC believes one owner would enable this incredibly important waterfront area to be developed in a holistic way for the long-term benefit of Auckland. Such a development would meet the strategic interests of the ARC and the overall needs of the region as a whole."

© Scoop Media