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CPPIB offer for Auckland International Airport Ltd

16 November 2007

CPPIB offer for Auckland International Airport Ltd

Manukau City Council will be considering how to respond to the Canadian Pension Plan Investment Board's (CPPIB) takeover offer over the next few months, Mayor Len Brown says.

"After consultation with our community, we have adopted an investment strategy which we will use when evaluating the offer.

"What is decided is that the council will not be selling its shareholding. The airport is an extremely valuable asset for Manukau as a whole, and it is important we retain our stake in this company.

"We will be seeking advice from our own staff and advisers accordingly regarding the amalgamation proposal," Mr Brown says.

The council's priority is that the airport continues to grow and add value both for shareholders and for Manukau city.

"Our investment strategy addresses our objectives when evaluating this, or any other offer that might come forward in the months ahead."

ENDS

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