"Consent was also granted to City Developments' planned acquisition of 34.8 per
cent of Millennium & Copthorne Hotels, for up to about $1.3 billion, which excluded
a special dividend of about 38c per share.
The company was proposing to increase its existing ownership in Millennium & Copthorne Hotels,
which held interests in Millennium & Copthorne Hotels New Zealand and CDL Investments New Zealand,
which had interests in sensitive land and collectively assets valued at more than $100 million.
City Developments owners included Singapore's Hong Leong Group with 48.4 per cent.
Millennium & Copthorne Hotels via its interests in Millennium & Copthorne Hotels New Zealand
and CDL Investments New Zealand and other subsidiaries, had land interests in the Far North
District of approximately 5.23ha, Auckland Council region (27.86ha), Hamilton City region
(101.48ha), Rotorua District (1.01ha), Southland District (0.88ha) and Nelson City region (11.78ha)."
http://www.nzherald.co.nz/business/n...ectid=11985547
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