Disappointed Hastings flicks on shares

By GEOFF SENESCALL

Hastings Funds Management of Australia is understood to have flicked 7.05 million Auckland International Airport shares back onto the market after missing out on the North Shore council stake.

It got pipped at the post by Singapore's Changi Airport, which landed the 7.14 per cent council holding on Wednesday.

North Shore put its stake up for tender through advisers PricewaterhouseCoopers. Originally it had hoped to sell its stake in conjunction with the Auckland City Council, which owns 25.8 per cent of the airport.

However, Auckland decided to delay any decision to sell its shares until May next year.

Advised by brokers ABN Amro, Changi won the bid through an offer to pay 290c a share or around $84 million.

It is believed that the parcel sold by Hasting went to a range of institutions both here and in Australia at $2.90 a share. The shares were placed by brokers Merrill Lynch. Approaches were made to instituitions on Thursday.

Brokers said it was likely that the Hastings stake was also offered to Changi, which was widely tipped to increase its stake after buying the toe hold.

For now, however, Changi appears willing to keep its powder dry.

Brokers said it was possible other parties, who bid for the North Shore stake, also bought shares ahead of the sale. The airport shares had traded below 270c in the weeks leading up to the cut off date for bids.

Auckland airport shares closed unchanged on Friday at 294c.