Half airport share sale tipped

Auckland City Council is expected to announce this morning that it will sell half of its Auckland International Airport shares.

A press briefing by Mayor John Banks is timed for 9am because the Stock Exchange trading normally opens at 9.30 am.

Yesterday, trading in the airport company's shares was halted pending a council decision on whether prices offered for its 77.8 million shares were good enough.

The council has been soliciting for institutional buyers for its 25.7 per cent stake in the company. Yesterday's share price was $5.16.

Last night the council met behind closed doors for 30 minutes, with a bevy of advisers.

Afterwards, the chairman of the council's working party organising the share sale, Doug Armstrong, said he could not comment because the "process is still taking place".

But the Herald understands the vote was narrowly in favour of the sale of half the shareholding.

This would save face for those who have promoted the sale while soothing councillors who have consistently opposed it.