KEY POINTS:
The unsuccessful Canadian bidders for a stake in Auckland International Airport (AIA) are in dispute with the airport company over $6 million of unpaid expenses incurred in the bid.
AIA today said it had sought $7.6m for expenses, while Canada Pension Plan Investment Board (CPP) had paid $1.34m.
CPP and its wholly-owned New Zealand subsidiary NZ Airport NC said they had filed a statement of claim against AIA in the High Court, seeking to resolve issues about the amounts that were properly recoverable.
CPP said it had twice sought clarification of issues and amounts to determine if they were properly incurred, after AIA issued a request for payment in early June.
That included requests for details relating to a $5m payment to First NZ Capital and Credit Suisse as an "incentive fee" for the "takeover defence". So far AIA had not provided the information sought.
The more than $1.3m paid to AIA, was the amount CPP believed had been properly incurred, CPP said.
CPP also wanted to resolve through the High Court issues relating to the airport's refusal to release CPP from a confidentiality agreement which prohibited CPP from trading in Auckland Airport shares.
AIA said it considered that the expenses for which it had sought reimbursement were properly incurred and ought to be paid by CPP.
It also considered it had acted entirely reasonably and lawfully in relation to the confidentiality agreement between the parties at all times.
CPP's claims in relation to the confidentiality agreement included a damages claim which - based on AIA's share price at closing on Friday - was for about $2m.
AIA said it would vigorously defend the claim brought by CPP.
In April government ministers vetoed the Canadian bid to take a 40 per cent stake in AIA.
They cited a lack of benefit to New Zealand as the key reason for declining the bid.
That was despite the Overseas Investment Office recommending government ministers allow the Canadian bid.
AIA shares were down 3c to $1.89 around noon today.
- NZPA
