Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Overseas Investment Act announcement

Web site: www.cppib.ca


Announcement by CPP Investment Board in relation to Overseas Investment Act announcement


AUCKLAND, NZ (4 March 2008): The Canada Pension Plan Investment Board (CPPIB) confirms that it is continuing with its partial takeover offer for shares in Auckland International Airport Limited (AIAL) following the Government’s announcement last night that it had introduced a new regulation under the Overseas Investment Act.

CPPIB’s Vice President - Head of Infrastructure, Graeme Bevans, said CPPIB has, from the outset, carefully structured its proposal to take into account that the airport is a sensitive asset of national importance.

He emphasised that CPPIB’s intention has always been to be a long-term minority shareholder without a controlling interest.

“Before we sent our offer to shareholders, we entered into a deed which restricts CPPIB’s ability to vote on resolutions to appoint and remove directors of AIAL, and the Independent Adviser, Grant Samuel, has confirmed in its report that CPPIB will not control AIAL following a successful offer.

“In late 2007, the Board of AIAL approached us asking us to make a full takeover offer for the airport, which we declined because of our belief that it is appropriate for us to have only a non-controlling interest. We have always been clear that our desire is to hold a minority stake in the airport, not a controlling one.”

“We are encouraged by the widespread shareholder support for our offer from retail and institutional investors both in New Zealand and overseas. We encourage them to approve and accept the offer now.”

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Statistics: Annual Inflation Hits A Three-decade High At 5.9 Percent
The consumers price index increased 5.9 percent from the December 2020 quarter to the December 2021 quarter, the biggest movement since a 7.6 percent annual increase in the year to the June 1990 quarter, Stats NZ said today... More>>



Digitl: Bumper year ahead for NZ IT sector

Gartner says New Zealand spending on technology products and services will grow 7.4 percent this year. The company’s latest forecast says the market will total NZ$15.3 billion in 2022... More>>



Fonterra: Lifts Forecast Farmgate Milk Price Range

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range to NZD $8.90 - $9.50 per kgMS, up from NZD $8.40 - $9.00 per kgMS. This increases the midpoint of the range, which farmers are paid off... More>>



Skoltech: Study Probes Earth’s Turbulent Past To Explain Where Oceans Came From

The origin of water on our planet is a hot question: Water has immense implications for plate tectonics, climate, the origin of life on Earth, and potential habitability of other Earth-like planets. In a recent study in Physical Review Letters, a Skoltech professor and his Chinese colleagues suggest... More>>


Statistics: Household Net Worth Grows In The September 2021 Quarter But At A Slower Pace Compared To March 2021

Household net worth grew by $60.7 billion in the September 2021 quarter compared with the June 2021 quarter, Stats NZ said today. This represents an increase of 2.5 percent, a similar result to the June 2021 quarter, which was up $60.6 billion or 2.6 percent... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>