KEY POINTS:
Auckland Airport's second biggest shareholder, UBS Nominees, revealed yesterday that it had sold some of its stake in the company.
A substantial security holder notice filed with the NZX shows the Sydney-based fund manager has sold down from an 11.05 per cent stake to 9.83 per cent.
The airport has been the subject of intense takeover speculation since Monday when the board revealed it was talking to at least two parties about possible ownership changes.
No one from UBS Nominees was available to clarify the exact timing of the sale although the security notice describes the transactions "as stock exchange trades".
That suggests the shares were sold on market rather than to any one specific buyer.
Canada Pension Plan (CPP) - a $144 billion Canadian Government fund - has been revealed as one potential buyer of the airport.
It has made offers of $3.10 to a number of institutional shareholders but those offers were rejected.
The investment banking arm of UBS is understood to be acting on behalf of CPP in New Zealand.
Another as-yet-unnamed party is also talking to the airport about its ownership future.
Up to four parties may be interested in the asset, including Macquarie Airports.
Airport shares, which rallied to a fresh high of $3.32 on Tuesday, then fell 7c to close at $3.25.
Key stakeholders Auckland City and Manukau City - which hold 12.75 per cent and 10.05 per cent respectively - have said they are considering proposals from CPP but have indicated they are highly unlikely to sell their stakes.
It is believed that won't faze potential buyers who are not necessarily expecting to make a full takeover.
Canada's Globe and Mail newspaper, citing unnamed sources, reported yesterday that CPP might be prepared to settle for a minority stake in the airport.
