Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NYSE-listed Matson agrees to buy Reef Shipping

NYSE-listed Matson agrees to buy Reef Shipping, extending reach into South Pacific

Dec. 28 (BusinessDesk) – Matson, a NYSE-listed shipping company servicing the northern Pacific, has agreed to buy Reef Shipping from its receivers to extend its reach into the South Pacific.

No price was disclosed for the deal in a statement from the Honolulu-based company. Matson will acquire four vessels and about 1,500 pieces of container equipment from Auckland-based Reef Shipping, which was placed in receivership last month. The deal is expected to settle around year-end.

Matson currently has 17 vessels running between Hawaii, Guam and Micronesia as well as a service between China and Southern California. The acquisition will add routes between Auckland, Fiji, Nauru, the Solomon Islands, Tahiti, Samoa, the Cook Islands, Niue, Tonga, Wallis and Futuna, Vanuatu, Tarawa and Majuro, it said.

“While the purchase itself is relatively small, it complements our growing network of Pacific island services,” said Matson chief executive Matt Cox.

Shares of Matson have fallen about 11 percent since the company began trading as a separate company in July, having been spun off from parent Alexander & Baldwin, a Hawaiian real estate and property development company. Matson made an operating profit of US$79 million in 2011 on revenue of US$1.5 billion.

Colin McCloy and David Bridgman of PwC were appointed receivers of Reef Group on Nov. 26, keeping the business operating while they looked for a buyer.

Reef Group is 89 per cent owned by Phillip McNicholl and Darrin Johannink, according to the Companies Office. Former All Black Michael Jones is listed as a smaller shareholder.

Its interests include the supply of bulk fuel to Pacific islands, exports of noni juice from Niue and long-line fishing vessels. Matson has been in business for about 130 years, its website says.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news