By NZPA
|
Tuesday 4th March 2008 |
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The move comes after Finance Minister Michael Cullen yesterday moved to tighten up overseas investment criteria in response to a bid by the Canada Pension Plan Investment Board (CPPIB) for a 40% stake in the airport.
A new regulation under the Overseas Investment Act means ministers will have to take into account whether the investment will or is likely to help keep New Zealand control "of strategically important infrastructure on sensitive land".
CPPIB has received acceptances for 13.34% of shares in the airport, on top of the 0.78% it already owns.
The acceptances for the $3.5980 a share bid, reduced from $3.6555 due to the payment of an interim dividend, would take CPPIB's total shareholding to 14.12%.
The offer closes on March 13.
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