Auckland International Airport has settled its $6.3 million dispute over takeover costs with company whose bid for a stake in the airport failed.
The spat was headed for court, but Auckland International Airport says it and the Canada Pension Plan Investment Board have reached a settlement, the terms of which are confidential.
The two parties had been at loggerheads over takeover expenses the airport had tried to claim back from the pension fund, which failed in its bid to take a stake in Auckland airport.
Apart from disputing the costs, the Canadians had also sought a release from a no-trading clause that prevented it selling shares in the airport.
The Takeovers Panel is now seeking feedback to clarify what expenses a target company can recover from its suitor when a deal falls over.