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Manukau City Council welcomes Government decision

Media Release
11 April 2008

Manukau City Council welcomes Government decision on Airport share offer


Manukau City Council has welcomed the decision of the Government to not allow the CPPIB partial takeover proposal for Auckland International Airport Limited.

The decision supports the council’s view that the proposal is not in the best long term interests of the airport, the city and its residents.

Manukau Mayor Len Brown says while council accepts that aspects of the takeover offer are attractive, and CPPIB is a respected organisation, as a whole the offer does not stand up when measured against the council’s criteria for its shareholding in Auckland airport.

“In declining the partial takeover proposal, the Government has clearly reflected on the strategic importance of Auckland International Airport for our country and we support their decision,” says Mr Brown. “This decision also supports the vast majority of submissions council received on this proposal.”

Manukau City Council and Manukau City Investments Ltd (MCIL), as owners of the council’s shares in AIAL, will continue to work with the AIAL board to investigate options that foster continued growth.

Mr Brown says that both council and MCIL note that the board of Auckland Airport is optimistic about the value of the airport and the way it is positioned to benefit from aviation growth.

“The airport company will need continued strong leadership and direction to expand its enterprise. We are mindful that the airport company might still require an equity partner. That partner should have significant experience in airport development and operations. We are looking for further capital investment in the airport, but not to the degree proposed by CPPIB.

“Ultimately, we want the company to be in the best position to take advantage of financial and operational opportunities that maximise value for its shareholders. We are confident this can be achieved while respecting the requirement that the airport remains in majority New Zealand ownership and control.”


ENDS

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