Airport takeover talk sends share market soaring

Wellington - Takeover talk circling New Zealand's Auckland International Airport sent the country's share market soaring on Monday, according to official statements. The New Zealand stock exchange the NZX 50 jumped more than 2 per cent, or 91 points, to close at 4303 on modest turnover of 92 million New Zealand dollars (69 million US dollars). Auckland International Airport issued a statement Monday that claimed several parties, including the managers of Canada's national pension plan, were trying to buy its shares. But the airport, New Zealand's largest, recommended shareholders not sell as a contested takeover battle was possible. Auckland International Airport shares went up 38 cents to 3.20 New Zealand dollars (2.40 US dollars) on the news. The company said the Canadian pension fund, which manages assets worth 116.6 billion 108 billion dollars, had approached several key shareholders of Auckland International Airport with an offer of 2.30 dollars per share ahead of a potential takeover offer. The airport said shareholders had refused, according to the Monday statement. © 2007 dpa - Deutsche Presse-Agentur

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