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Council maintains position on airport shares


25 February 2008

Council maintains position on airport shares

Manukau City Council's present position is not to sell its shareholding in Auckland International Airport Limited (AIAL) or approve the Canada Pension Plan Investment Board (CPPIB) partial takeover proposal.

This position is consistent with the strong message from the Manukau community for the airport to stay in New Zealand hands and for the council to retain its shareholding, Manukau Mayor Len Brown says.

"Our position before Christmas was not to sell, and not to approve CPPIB acquiring a 40 per cent stake in the airport company. The council is a long-term shareholder and takes a long-term view as to the airport's development and the value of the shareholding."

The council has scheduled a meeting on 11 March to consider the AIAL advice issued this morning.

"In my view, there is nothing in the advice from the board which will cause the council to change its position," Mr Brown says.

ENDS

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