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Dubai quits Auckland airport bid Dubai quits Auckland airport bid
(1 day later)
Dubai Aerospace Enterprise (DAE) has abandoned its NZ$2.6bn ($1.8bn; £889m) bid for a stake in Auckland International Airport.Dubai Aerospace Enterprise (DAE) has abandoned its NZ$2.6bn ($1.8bn; £889m) bid for a stake in Auckland International Airport.
DAE planned to take between 51% and 60% in New Zealand's largest airport.DAE planned to take between 51% and 60% in New Zealand's largest airport.
But moves by Air New Zealand to legally challenge the airport's five-year plan to raise landing fees put the deal into question.But moves by Air New Zealand to legally challenge the airport's five-year plan to raise landing fees put the deal into question.
The airport's board had approved the deal, but local councils and the public were strongly opposed to it.The airport's board had approved the deal, but local councils and the public were strongly opposed to it.
The firms had five working days to resolve the deal after the legal challenge.The firms had five working days to resolve the deal after the legal challenge.
Analysts said that DAE, which said any changes would alter the original terms of the deal, wanted an exit strategy.Analysts said that DAE, which said any changes would alter the original terms of the deal, wanted an exit strategy.
The plan still needed to gain the go-ahead from 75% of shareholders.The plan still needed to gain the go-ahead from 75% of shareholders.
Auckland and Manaku city councils - which together own nearly a quarter of the airport - opposed the deal. Auckland and Manukau city councils - which together own nearly a quarter of the airport - opposed the deal.