New Zealand Superannuation Fund, Auckland, voted in favor of Toronto-based Canada Pension Plan Investment Boards bid for a 40% stake in Auckland International Airport Ltd. and tendered its 6% ownership stake into CPPIBs offer, according to the New Zealand funds website.
Adrian Orr, CEO of the NZ$13.2 billion (US$10.6 billion) fund, said in a news release that the sale fits best practices of managing the funds assets. This involves maximizing returns without undue risk, and avoiding prejudice to New Zealands reputation as a responsible member of the world community, he said. Karine Fox, New Zealand fund spokeswoman, could not be reached by press time.
The Auckland City Council, the airports second-largest shareholder with a 12.7% stake, voted against the bid by the C$119.4 billion (US$120.6 billion) CPPIB, according to news reports in New Zealand. Auckland city officials were not available to provide further information by press time.