Monday 28th July 2008
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Canada Pension and the airport already are in dispute over NZ$7.6 million in expenses Auckland Airport claims to have incurred during the fund's aborted attempt to acquire a 40% stake. The fund has paid only NZ$1.3 million. Auckland Airport stock fell 1% to NZ$1.90 today.
The Canadian fund was blocked by the government from acquiring 40% of the airport because of national interest concerns, making it the second potential bidder for the airport in a year to be stymied. Dubai's investment arm withdrew from a takeover because of opposition from some of the airport's biggest shareholders.
Canada Pension made the claim in relation to a confidentiality agreement over trading of the airport's shares, Auckland Airport said in a statement today. The airport will "vigorously defend" the claim.
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