Auckland International Airport Limited (AIA)

[Zaphod]

Airport takeover papers shrouded in secrecy

http://www.nzherald.co.nz/section/3/...ectid=10502644

Finance Minister Michael Cullen is blocking the release of documents and advice relating to the Cabinet's shock decision to change the rules around a Canadian bid to buy a stake in Auckland Airport.

A decision on whether the controversial deal can go ahead is expected this week, but in the meantime Dr Cullen's office is refusing to allow the public to see any advice the Cabinet received when it made the rule change.

A request by the Herald for the papers was refused by Dr Cullen's office on the grounds of maintaining the "effective conduct of public affairs through protecting ministers, members of government organisations, officers and employees from improper pressure or harassment".

Asked what the improper pressure or harassment referred to, a spokesman from Dr Cullen's office said the two ministers who would apply the new rules had been excluded from Cabinet talks about the rule change.

The ministers - David Parker and Clayton Cosgrove - were kept at arms' length and to release the information before a decision defeated the purpose of that, he said.

The Herald understands Dr Cullen's office is likely to release the documents after the high-profile decision of Mr Parker and Mr Cosgrove has been made.

National Party finance spokesman Bill English last night called on Dr Cullen to release the information publicly, and said it was "ridiculous" to think the two ministers couldn't apply the right criteria if the background documents were public.

The Herald will appeal against the decision to the Ombudsmen's office.

The Canada Pension Plan Investment Board is the conditional owner of 40 per cent of Auckland Airport but it appears to be facing a struggle to gain approval under the Government's new foreign control rules, which require ministers to consider whether the purchase "will, or is likely to, assist New Zealand to maintain New Zealand control" of Auckland Airport.

Mr Cosgrove and Mr Parker have received information and a recommendation from the Overseas Investment Office relating to their decision.

The decision is open to judicial review.

[CJ]

Doesn't the offer lapse this friday. What happens if there is no ruling. Can the Canadians extend the offer or is it an acceptance or nothing.

If rejected, does anyone expect the canandians to try to grab 20% on market?

Decision on airport bid 'in next couple of weeks'
12:40PM Tuesday April 08, 2008

State Services Minister David Parker said today a decision would be made in the next couple of weeks on a Canadian bid to buy a stake in Auckland International Airport (AIA).

The Canada Pension Plan Investment Board has a conditional 40 per cent share of Auckland International Airport but ministers have to consider whether the purchase "will, or is likely to, assist New Zealand to maintain New Zealand control" of the airport.

Mr Parker and Associate Finance Minister Clayton Cosgrove are looking into the matter.

Mr Parker told reporters today that the decision on AIA would be made in the "next couple of weeks".

However, he did not rule out making a decision this week, which has been reported as the expected timeframe.

[Dr_Who]

If rejected, does anyone expect the canandians to try to grab 20% on market?

Why would they want only 20%? At 40% they would have controlling interest, but at 20% they are a minority? Also they wont need to pay such a high premium in this market.

[CJ]

Dr - If they offer lapses they have nothing. they could only go up to 20% without making another offer so would they cut their loses and go for only a 20% stake (I think most of their other investments are only minority stakes).

As you note, they should be able to pick up for less than the $3.6 they were offering.

[Lawso]

Government spin doctors are perpetuating the fiction that those two non-entities will make the decision over the Canadians' bid, and the media is letting them get away with it. The fact is, of course, that the decision will be made - probably has been made already - by Clark & Cullen. Confirmed lefties, they'd rather cosy up to the Chinese Reds than anyone from North America. How will they react to the Chinese interest in Vector?

[BRICKS]

OF all the takeovers i have seen this is the worst, but the gut feeling is it wont go ahead there will be much yelling on both sides of everything when the dust settles it will be a 19.9% grab at a much cheaper price they could even use the creep method after that and still one day gain control but much CHEAPER every one will know FRIDAY..

[Steve]

When is the Govt decision expected?

[CJ]

When is the Govt decision expected?

After it is required.

The deadline is Friday and their was a preess release earlier this week saying they would decide in the next two weeks - not very helpful - effectively saying no by doing nothing.

[ratkin]

shrewdies have been buying up. Stand in market at around 3.00 on way

[Toddy]

Decision on Canadian airport bid due today
NZPA

Decision due today

Government ministers are set to announce their decision today on whether a Canadian bid to buy a stake in Auckland International Airport (AIA) can go ahead or not.

The Canada Pension Plan Investment Board has a conditional 40 percent share of Auckland International Airport but ministers have to consider whether the purchase "will, or is likely to, assist New Zealand to maintain New Zealand control" of the airport.

State Services Minister David Parker and Associate Finance Minister Clayton Cosgrove have the power to veto the sale which now requires Overseas Investment Office approval.
11-Apr-2008