Government turns down Auckland Airport investment

As predicted here for weeks, the “independent” Ministers has by pure coincidence turned down approval for the Canadian bid to buy a partial stake in Auckland International Airport.

The Canadians only wanted 40% of the shares, with a reduced 25% voting strength. Ironically many of the current shareholders who wanted to sell are foreign.

It is sad to see a Government so willing to do the right thing with the China FTA and ignore NZ First type xenophobia, yet succumb to it on this issue.

The Canadians have a pretty good chance of getting the Ministers’ decision over-turned in Court as it was obvious they pre-determined the matter before they even considered it. From what I can tell, reading the decision, the neutral officials in the OIO concluded allowing the investment would be beneficial to NZ, but the Ministers substituted their own political judgement.