Canadians thank Government

A massive 63% of shareholders (close to 90% when you exclude the Council stakes) have agreed to sell their Auckland Airport shares to the Canadian pension fund.

Why so many?

Simple.  The Government’s actions have driven the current share price down so much, that it has made the Canadian offer much more attractive.

The next step, assuming over 50% have also voted for the bid, is for David Parker and Clayton Cosgrove to pretend to impartially consider the bid.  They will go through the farce of asking for reports, and taking time to make a decision, and then shock horror they will turn it down.

And then the Canadian pension fund will haul their little behinds into court, and point to massive and compelling evidence they predetermined the matter because persons no less than the Prime Minister (who can sack them) and the Finance Minister (who controls their budgets) has made it very clear they are expected to turn the bid down.

And so the Canadians will get their 24.9% voting share – which is less than the current level of overseas voting strength I suspect.