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Auckland International Airport Ltd (AIAL) shares surged 17 per cent in opening trading after the operator of Auckland's airport revealed talks with a Canadian pension plan that started trying to buy its shares.
AIAL shares rose 48c to $3.30, helping the benchmark NZSX-50 index to rise 62.462
points, or 1.483 per cent, to 4274.919.
AIAL put a statement out before the market opened warning shareholders not to sell their shares.
The company said it understood that Canada Pension Plan Investment Board (CPPIB) had been trying to buy shares from some of its shareholders at $3.10 a share but had been rejected. The attempted purchases were in advance of a possible intention to launch a takeover.
The move also comes after speculation that Australia's Macquarie Airports Group was eyeing up Auckland's airport operator as Macquarie sells out of Italian airport investments.
But any bidder for AIAL has to win over major shareholders, including Auckland City Council with 12.76 per cent, Manukau City Council with 9.56 per cent, UBS with 11.16 per cent, and Colonial Fund Management with 7.3 per cent.
Macquarie declined to comment yesterday on the possible interest in Auckland's airport operator, the Australian newspaper reported.
The directors of AIAL said in a statement today that they understood that CPPIB did not intend to proceed with a takeover offer at this time. No notice of any takeover offer had been received.
But the directors said they had been in discussions with parties, including CPPIB, "regarding value enhancing opportunities", including acquiring an ownership interest in AIAL and supporting the strategic development of the airport.
"These opportunities are being evaluated by AIAL's board and remain subject to a number of conditions," directors said.
The board said anyone selling their shares now would risk forgoing the upside associated with the opportunities being discussed or a contested offer, should one eventuate.
Meantime Reuters reported that Italian holding company Gemina has agreed to buy Australia's Macquarie Airports' 44.68 per cent stake in Rome's main airport operator for 1.237 billion euros ($2.23 billion).
The deal gives Gemina about 96 per cent of Aeroporti di Roma (AdR). AdR runs Rome's two main airports -- Fiumicino-Leonardo Da Vinci and Ciampino.
It also gives Macquarie Airports a large war chest of money.
Gemina, which has 51 per cent of AdR, has clashed with Macquarie since January over the kinds of investments to be made in AdR.
The deal is expected to close by the end of July, Gemina said in a statement.
Macquarie Airports, which is managed by Macquarie Bank Ltd, bought the AdR stake in 2003. It has interests in Sydney, Brussels and Copenhagen airports and in Birmingham and Bristol airports in Britain.
Shares in Gemina in Milan and in Macquarie on the Australian market have been suspended since Thursday pending an announcement.
Gemina's shareholders include the Benetton family, Mediobanca, Capitalia and insurer Generali .
- NZPA