Airport deal with Canadian fund off

Any deal between Auckland International Airport and the Canadian Pension fund is off.

Chairman John Maasland has announced a majority of Airport directors do not believe pursuing the proposal is in the best interests of the shareholders or the company.

The deal involved the creation of a new airport company, with the Canadian fund owing between 39-49%.

Maasland says the debt financing proposed by the Canadian outfit meant an unacceptable increase in risk and reduced financial flexibility.

Just one director, Michael Smith, disagrees with that assessment.

Source: tvnz.co.nz