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An out of court settlement has avoided further public acrimony following the failed takeover bid for Auckland International Airport by the Canada Pension Plan Investment Board.
Last month the airport said it had sought $7.6 million for expenses related to the bid, while the Canadians had paid just $1.34 million.
CPP filed a claim against the airport company in the High Court, relating to AIA's request for reimbursement of expenses from the partial takeover offer.
It also wanted to resolve issues relating to the airport's refusal to release it from a confidentiality agreement which prohibited CPP from trading in AIA shares.
The airport said yesterday that the terms of the settlement were confidential.
Going to court would have been unusual. The Takeovers Panel deals with about 20 takeovers a year and such a claim was extremely rare as companies usually sorted payment issues out themselves.
In April Government ministers vetoed the Canadian bid to take a near 40 per cent stake in the airport despite the Overseas Investment Office recommending that they allow the bid.
The settlement comes just days after moves by the Takeovers Panel to help clarify who pays the costs associated with a takeover.
On Thursday the panel released guidance notes in a bid to update principles set in the early 1970s.
