Canada Pension Plan Investment Board, Toronto, and Auckland International Airport settled a NZ$6.3 million (US$4.42 million) legal dispute over expenses related to CPPIBs partial takeover attempt that was scrapped in April, according to an airport statement released today. Terms of the settlement were not released. A CPPIB spokesman declined to comment.
In July, the C$127.7 billion (US$120.6 billion) CPPIB disputed the airports claim that it owed NZ$7.6 million in expenses related to the takeover, which began in 2007, according to a separate statement from the airport at the time. The pension fund had paid NZ$1.3 million.
The two parties also disputed whether a confidentiality agreement that prevented CPPIB from trading airport shares was still valid. CPPIB dropped its bid to buy a 39.2% stake in the airport after failing to get approval from the New Zealand government.