1 Oct 2010

Port merger talks over

12:02 pm on 1 October 2010

The ports of Otago and Lyttelton have called off merger talks because of the damage at Lyttelton in the earthquake on 4 September.

Lyttelton Port Company says it's no longer in a position to continue the negotiations because of significant damage to its infrastructure and facilities.

The port has remained operational despite sustaining around $50 million in damage from the quake.

As a result, the boards of both ports have agreed to call a halt to their merger discussions.

Port of Lyttlelton deputy chairman Bill Luff says the port is now reviewing its short and long term asset management and development plans, which will take time.

Lyttelton shares remain unchanged at $2.49 on Friday.