The proposed merger between Port Otago and rival Lyttelton Port of Christchurch is being roundly criticised by former port company chairmen Sir Clifford Skeggs and Ian Farquhar, with both men calling for the idea to scrapped.
South Canterbury Finance - potentially facing a $1.7 billion receivership tomorrow - yesterday remained hopeful last-minute negotiations would deliver an 11th-hour lifeline to the southern lending giant.
Teetering South Canterbury Finance, potentially facing receivership next week, is understood to be stitching together an 11th-hour deal with new equity partners this weekend, but the deal could hinge on the Government taking a $300 million or more stake in the company.
A stinging report by the statutory manager of Allan Hubbard's companies has identified high levels of lending to the volatile dairy sector as posing significant risk to the return of $96 million of investors' capital.
Lyttelton Port of Christchurch has reported record container handling for the year, up 5.3% to 273,789 containers, but booked a $1 million decline in after-tax profit at $9 million.
Dual-listed L&M Energy's offer of up to $2.85 million to its shareholders has gained strong support from New Zealand investors.
The takeover tussle for New Zealand Farming Systems Uruguay has intensified. First-offerer Singapore-based Olam had received Overseas Investment Office approval, while zeroing in on its 50.1% target.
Debt reduction and a dividend repayment from listed Tourism Holdings reflect positive signs for the year ahead, albeit still in challenging times for the tourism sector.
Air New Zealand has booked a slight gain on operating earnings for the full year - up 3% from $688 million to $708 million - but revealed a decline in long-haul demand and falls in capacity and cargo.
Specialist West Coast hard-coking coal miner Pike River has posted a tripling of after-tax losses at $39 million for the year to June, highlighting that it is still in development phase with full-mining operations scheduled to begin in mid-September.
The New Zealand Shippers' Council - concluding New Zealand needs just two major ports - has suggested Lyttelton should take precedence over Port Chalmers as the preferred South Island destination for container ships.
Dunedin food and drinks wholesaler Leith Distributors has been placed in voluntary liquidation, but there is a possible buyer on the horizon.
Battle for control of New Zealand Farming Systems Uruguay took another twist yesterday when Singapore-based Olam International boosted its initial takeover offer 27% - from 55c per share to 70c per share, eclipsing that of Uruguayan-based Union Agriculture Group's 60c offer last week.
The Australian stock exchange - down more than 2% following the Australian elections - remained subdued yesterday as politicians wrangled over its hung parliament.
Oil exploration drilling in the Canterbury Basin off the coast of Dunedin is expected to be started next year by the joint-venture partners, Australian-listed Origin Energy and US giant Anadarko Petroleum Corporation.
Failed Dunedin biotech company Botry Zen has been sold to the owner of another Dunedin biotech company, Zenith Technology Corporation Ltd, eight months after being placed in receivership owing $2.6 million.
Contact Energy, hit by contractual obligations to buy gas during the year that it could not use because of buoyant hydro-generation, has posted a 6% decline in after-tax profit at $150 million.
Listed explorer Glass Earth Gold has for the first time booked gold production in a financial report, up to a point cushioning a $NZ866,000 loss, for its half-year to June.
Asset values have not yet been determined in the collapsed Jennian Homes Otago Ltd, but almost 90 creditors are estimated to be owed more than $600,000.
Local authority ownership of ports such as Port Otago and Lyttelton Port of Christchurch has been criticised as parochial and their shareholdings should be scrapped to encourage operational efficiencies and more beneficial port-to-port relationships.
