Auckland International Airport’s biggest single shareholder has decided against selling its stake in New Zealand’s largest airport, which is being pursued by Dubai Aerospace Enterprise (DAE) and Canada’s CPP Investment Board.

Auckland City Council says in a statement that councillors have voted against selling its 12.75% stake. It says, however, that it will keep open the option to “restructure its shareholding if necessary to achieve the best outcomes from its investment”.

The publicly traded airport is being pursued by DAE, which has offered to buy between 51% and 60%, as well as Canada’s CPP Investment Board, which says it is preparing an offer for up to 49%. DAE’s bid in particular is being opposed by some politicians who say the country’s largest airport should remain majority-owned by New Zealanders.

CPP Investment Board has said its planned proposal will enable Auckland City Council and another city council shareholder, Manukau, to retain their stakes. Manukau City Council has 10.05% and has yet to decide whether to sell its stake or retain it.

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Source: Flight Daily News