In the first round of voting, Auckland International Airport Limited (AIAL) shareholders supported the Canada Pension Plan Investment Board’s (CPPIB) offer to buy a minority stake in the company.

As of Thursday, more than 60% of shareholders approved the sale, exceeding the board’s expectations.

A second vote will be held Friday to finalize the deal, but the New Zealand government introduced a last minute veto last week and has indicated that it may exercise it, casting doubt on the outcome.

Earlier this week, the CPPIB said it would reduce its voting power to 24.9% in an effort to soothe government concern about foreign control over strategic assets.

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