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CPPIB receives shareholder approval to acquire Auckland International Airport17/03/2008. Source: AltAssets. 
 Canada Pension Plan Investment Board's estimated CAN$1.5bn bid for the acquisition of a 39.2 per cent stake in Auckland International Airport has received shareholder approval.
CPPIB will pay NZ$3.6555 per share, having previously had a similar offer for 40 per cent of the company rejected by the board of directors in December last year.
As part of the deal CPPIB will voluntarily reduce its voting power to 24.9 per cent, in accordance with New Zealand regulations regarding overseas investors. CPPIB has also voluntarily agreed to limit the number of directors associated with CPPIB that it will nominate for appointment to the AIAL board to a maximum of 25 per cent of AIAL directors.
Graeme Bevans, vice president, head of infrastructure, CPPIB, said, 'It has always been our objective to hold a minority stake in Auckland Airport and we have structured our offer to reflect this. It is our desire to be a cornerstone, long-term minority investor of Auckland International Airport and our investment will assist New Zealanders in maintaining control of this important strategic asset.
'CPPIB's team has significant aeronautical and infrastructure investment experience and extensive global industry contacts and we are pleased that Auckland International Airport shareholders have recognised the value we will bring to the table,' he added.
The CPP Fund manages CAN$119.4bn, of which CAN$2.5bn represents infrastructure investments.
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