26 Jun 2019

Today's business news: What you need to know

8:48 pm on 26 June 2019

Latest - Tilt Renewables is reviewing its ownership of a wind farm in south Australia.

The New Zealand-owned Tilt built the Snowtown II wind farm in 2014 and it's the largest asset on its books.

However, the company is building two new wind farms in Australia which will bring in more revenue and may not need Snowtown.

Financial advisory firm Lazard is undertaking the strategic review.

Napier Port partial sale authorised

The Hawke's Bay Regional Council has authorised the partial privatisation of Napier Port.

Container ship in commercial port of Napier, New Zealand.

The Port of Napier. Photo: 123rf

The council will sell 45 percent of the company to private investors and float it on the stock exchange.

It will also set aside some shares for its ratepayers.

The money raised will go towards new developments at the port, including a new wharf estimated to cost between $173 million - $190 million.

The Initial Public Offer will be conducted by the newly formed Napier Port Holdings Limited.

The share price is expected to be released later this month.

Mainfreight on the hunt for overseas employees

The transport company plans to hire another 2000 staff as it starts freight operations in Korea, Scandinavia, Spain and the Middle East.

In the company's annual report, it says it's targeting the expansion and $4 billion in revenue by 2021.

Mainfreight had revenue of nearly $3b in the year to March, with a net profit of nearly $138m.

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