Govt grounds airport takeover

The CPPIB said it was disappointed in the outcome of its Overseas Investment Act application, which has been declined.

CPPIB's partial takeover offer for Auckland International Airport (AIAL) required CPPIB's Overseas Investment Act application to be approved in order for the offer to become unconditional.

The offer received the necessary levels of shareholder acceptance and approvals.

CPPIB's vice president - head of infrastructure, Graeme Bevans, said: "We are naturally very disappointed in the outcome.

"CPPIB appreciates the support we have received from the 29,000 largely New Zealand, Auckland International Airport shareholders who accepted our offer."

Under the terms of the offer, the offer will now lapse. Shareholders who accepted the offer are now free to deal with their holdings as they wish.

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