Dubai Aerospace Enterprise (DAE) and Auckland International Airport have scrapped a plan for the $1.8 billion takeover of New Zealand’s largestairport, reported Reuters.
The announcement came as little surprise after DAE had said earlier that Auckland Airport had not done enough to promote the deal. It said a legal challenge by an airline over airport charges had breached the terms of the bid. Auckland Airport had denied the claims, and the two parties had started talks to try and resolve thedifferences.
“In light of recent developments, DAE regrets that, notwithstanding the best efforts of the board of AIAL, the transaction could not proceed in the form proposed,” DAE said in a joint statement.
The DAE offer was for between 51 and 60 per cent of the company and the deal had board backing, but had drawn widespread public and political opposition. The deal was due to go to a shareholder vote in November.