"International party" interested in Auckland Airport

Print   Email

News provided by Ansarada, secure virtual deal room providers.

Auckland Airport has signed a confidentiality deed with an investment group over a potential buyout, it has emerged.

An "international party" has been provided with access to due diligence following the signing of the deed. The interest was initially raised in November when the airport's board began looking for offers.

Reference to the party was made in the last company statement made to shareholders. The Canada Pension Plan Investment Board (CPPIB) has cleared Auckland Airport to seek other proposals.

Tony Frankham, chairman of the company, said: "We will begin a new process early in 2008 to seek a partner who better meets the criteria established by the board.

"However, the directors consider that the outcome of this process will not be known until well after the CPPIB takeover offer closes on March 13th."

Graeme Bevans, vice president of the CPPIB, said that the board welcomes the airport's decision to seek proposals.