Council confirms decision not to support CPPIB offer

At an extraordinary meeting this afternoon (Tuesday 11 March ), Manukau City Council decided to affirm its position of 13 December not to support the Canadian Pension Plan Investment Board (CPPIB) offer, or its amended proposal, and to vote against it.



Mayor Len Brown says the decision was made after considering the CPPIB statement regarding its voting rights.



“This proposal is a lot closer to the council’s position and we appreciate that. However, it is the council’s view that the proposal is still not in the best long-term interests of the airport, the city and its residents,” Mr Brown says.



“Our decision is based on the criteria we consulted on with our residents. They have made it clear what their preference is for our shareholding in this nationally important strategic asset within Manukau. We must respect that.



“However, should the CPPIB offer succeed, then we will certainly work with them. Our primary interest is in the long-term benefits of the airport company.”