Wednesday, March 12, 2008

Auckland Airport merger update

The Battle for the Airport

The ongoing debate over ownership of Auckland
International Airport, the gateway to New Zealand. More
Auckland City Council vote against AIA sale - Sydney Morning Herald
Canadians near bid for AIA -
Infratil: Morrison played no part in AIA share decision-NBR
Infratil says yes to Canadians -
Fran O'Sullivan: Canadians losing their bite - NZ Herald
The CPPIB will get the 40% of acceptances by 5.00pm Thursday(NZ time) But the
Labour government look set to stop the deal anyway.

There have been further developments in the Auckland International Airport(AIA) merger saga today.

Since the last report here though, Infratil, a 3% holder has decided to approve the merger and as of today, after market closing at 5.00pm, The Canadian Pension Plan Investment Board has 38.7% acceptances and its a gnats whisker away from the required 39.53% needed by tomorrow.

Although largely immaterial, given the overwhelming acceptances already, Auckland City Council has voted just 30 mins ago(8.20pm NZ time) not to sell their 12.7% stake and vote against the merger going ahead.

Clearly the move last week by Micheal Cullen to retrospectively stop the deal by changing a law has backfired on him and CPPIB will pass the acceptance mark with flying colours.

Cullen will likely stop the deal anyway he can because he thinks there are votes to be had, so the positive outcome for the Canadians is going to end ultimately end in tears for them.

Share Investor AIA merger coverage to date

Latest AIA developments

Cullen's move on Auckland Airport has far reaching effects
Cullen's move on AIA tax plan Anti-Business
AIA profit stays grounded
Softening opposition to CPPIB bid for AIA
Directors of AIA bribe brokers not to sell
What is Auckland Airport worth to you?
Second bite at AIA by CPPIB might just fly
AIA new directors must focus on shareholders
Auckland Airport merger deal nosedives
The Canadians have landed
AIA incentive scheme must fly out the window
Government market manipulation over AIA/DAE deal
DAE move on AIA: Will it fly?

Disc: I own AIA shares

c Share Investor 2008