The CPP Investment Board intends to submit a proposal to acquire a significant minority stake in Auckland International Airport Limited(AIAL).
The board would limit its stake to not more than 49% and any desire by Manukau City Council and Auckland City Council to maintain their proportionate stakes in AIAL would be fully accommodated.
The CPPIB faces competition from Dubai Aerospace, which wants to own a majority interest in AIAL of up to 60%. However, that proposal faces tough opposition from the public.
“Our goal is to put forward a compelling proposal to AIAL that meets the interests of all stakeholders,” says Mark Wiseman, the board’s senior vice president – private investments. “Specifically, we aim to deliver significant value to AIAL shareholders, while preserving ongoing substantial levels of New Zealand ownership of the airport.”
To read CPPIB approaches AIAL shareholders, click here.
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