Latest news with #PortofDarwin
Bloomberg
27-05-2025
- Business
- Bloomberg
Private Equity Targets Contested Port of Darwin
Morning. Rich Henderson here in Bloomberg's Melbourne bureau with the latest headlines... Today's must-reads: • Private equity targets Port of Darwin • Productivity reform priorities • New Zealand primes for rate cut US private equity group Cerberus Capital Management has expressed an interest in buying the lease for the Port of Darwin, which is currently owned by Chinese company Landbridge Group. The move is the latest in a politically charged commercial arrangement following the 2015 decision to sell the lease to the Chinese firm.
AU Financial Review
27-05-2025
- Business
- AU Financial Review
Toll, super funds join suitors for Chinese-owned Darwin Port
Logistics powerhouse Toll is part of a US private equity fund's bid to buy out the Chinese owner of the Port of Darwin, offering an Australian flavour to a transaction being driven by national security imperatives that superannuation funds are also weighing up. The partnership by Toll and Cerberus Capital Management is just one potential suitor for the port, which is effectively on the market after Prime Minister Anthony Albanese pledged during the election campaign to terminate Chinese company Landbridge's 99-year lease on the key cargo gateway for northern Australia.
The Guardian
05-04-2025
- Business
- The Guardian
Port of Darwin operator says Albanese and Dutton are treating it like ‘a political football' in election
The Chinese company that controls the Port of Darwin has accused Anthony Albanese and Peter Dutton of treating it like 'a political football' in the middle of a federal election campaign. Federal Labor and the Coalition have both announced that if elected on 3 May they would end Landbridge's long-term lease of the Port of Darwin, arguing it is strategically important and should be controlled by an Australian entity. Landbridge, which took control of the port in 2015 after the then Northern Territory Country Liberal party government signed a $506m agreement while in financial duress, insisted the port was a long-term investment that is not for sale. On Saturday, the company's non-executive director, Terry O'Connor, said the company was 'disappointed that we are being used as a political football in the current election campaign'. 'Landbridge and Darwin Port have not been involved in any discussions with the federal government, opposition or Northern Territory government concerning our lease arrangements,' O'Connor said. The preference of both Albanese and Dutton is for a private sector buyer to step in and replace Landbridge, which would not cost taxpayers. But both leaders have confirmed that if this is not possible, they would forcibly acquire the port and take control from Landbridge. Sign up for the Afternoon Update: Election 2025 email newsletter This could be done through the federal government's Land Acquisition Act or, if necessary, new legislation. But this would require paying Landbridge an undisclosed amount of money to compensate the loss of an asset. Albanese and Dutton have not outlined what this could cost taxpayers. The prime minister would not speculate on the cost, arguing this would undermine the federal government's negotiating position should a buyback be required. 'This is a commercial position,' Albanese said. 'We want to protect taxpayers. Not to just engage in speculation.' While Dutton has outlined a six-month deadline for a new commercial adviser to find a new leaseholder, Albanese has said 'I'm not putting a timeframe on it'. 'We are a mature government that does things in an orderly way and we'll continue to conduct ourselves in that way,' Albanese said. On Friday, Albanese said his government had already begun searching for a private sector buyer and suggested superannuation funds may be willing to buy the lease. While campaigning on Saturday, both leaders were asked why their announcements had been made during an election campaign. They were also asked why the announcements were necessary, given a government review found there was no economic or national security threat posed by the lease. Sign up to Afternoon Update: Election 2025 Our Australian afternoon update breaks down the key election campaign stories of the day, telling you what's happening and why it matters after newsletter promotion In October 2023, the Department of the Prime Minister and Cabinet said the review, conducted by several agencies and the domestic spy service, found that there was 'a robust regulatory system in place to manage risks to critical infrastructure, including the Port of Darwin'. The review also found that 'existing monitoring mechanisms are sufficient and will be ongoing' and 'it was not necessary to vary or cancel the lease'. At a press conference in Queensland, Albanese said Labor had always opposed the sale and that a 'political decision' had been made to intervene to ensure an 'important national economic asset' was returned to Australian control. When the review was released in 2023, the Albanese government confirmed Landbridge Group would be allowed to continue with its long-term lease over the Port of Darwin. Dutton said he disagreed with government advice he received while defence minister, which stated there was no urgent need to end the lease. He said the nation's strategic situation had deteriorated since that time, citing the recent circumnavigation of Australia by Chinese vessels. Dutton also said he had given China's ambassador to Australia, Xiao Qian, advanced notice of the policy decision. When asked whether he had done the same, Albanese did not give a direct answer, but said Dutton had 'obviously got better connections with the Chinese Ambassador'. 'That's a very strange thing for him to say,' Albanese said.
