PRESS DIGEST-New Zealand newspapers - Oct 23

WELLINGTON, Oct 23 (Reuters) - Following are some of the lead stories from New Zealand metropolitan newspapers on Friday.

Stories may be taken from either the paper or Internet editions of the papers.

Reuters has not verified these stories and does not vouch for their accuracy.

DOMINION POST(www.stuff.co.nz)

Nats-Act deal may let all ACC go private: All of the ACC could be opened up to private competition under a deal between National and ACT.

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Eric Watson to milk US market: Multi-millionaire Eric Watson is about to create a US$400 million (NZ$531m) dairy company in the United States, using Kiwi farming practices, including grass-fed cows.

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AMP Office Trust to tweak its fees: The country's biggest property trust, AMP Office Trust (APT.NZ), has capitulated to investor demands for a new management fee which better aligns the interests of shareholders and management.

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Fonterra tweaks shares proposal: Fonterra has made minor changes to its capital restructuring proposals before a shareholder vote at its annual meeting next month. The co-operative's 10,500 farmers will vote on November 18 on a proposal that could raise up to NZ$900 million by offering existing shareholders up to 20 per cent more shares.

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Call for fewer ports amid ship glut: Port of Tauranga (POT.NZ) says the need for port rationalisation in New Zealand has become more urgent. Chairman John Parker told the annual meeting yesterday that the collapse of world trade meant there was a surplus of container ships with an estimated fifth of container capacity set to be idle by the end of this year.

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NEW ZEALAND HERALD (www.nzherald.co.nz)

Key open to wider competition for ACC: The accident compensation scheme faces a major revamp after the Prime Minister all but confirmed it will soon face private competition in the profitable employers' account, covering workplace accidents.