April 10, 2008 / 10:06 PM / 10 years ago

Shares in NZ's Auckland Airport fall 10 pct on open

WELLINGTON, April 11 (Reuters) - Shares in New Zealand’s Auckland International Airport fell 10.6 percent on open on Friday, after a government decision refusing a partial takeover bid by a Canadian pension fund.

Shares in the top-10 company, New Zealand’s main international gateway, fell 25 cents soon after open to trade at NZ$2.10.

The Canada Pension Plan Investment Board bid for 40 percent at NZ$3.6555, worth around NZ$1.8 billion ($1.4 billion) was knocked back by the New Zealand government because there was no benefit to the country from overseas control of what was deemed a strategic asset.

The CPPIB said it would neither appeal the government decision nor further pursue buying a stake in the airport. (NZ$1=$1.25)

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