NEW ZEALAND - The Superannuation Fund has backed the bid by the Canadian Pension Plan (CPPIB) for Auckland International Airport.
Adrian Orr, CEO, New Zealand Superannuation Fund, commented: "After considering the advice of our investment managers, we voted to approve CPPIB making a partial bid for Auckland International Airport and have tendered our shares into their offer."
The fund said it held a 6% stake in the facility, equivalent to 76.7 million shares.
Orr added the decision was in line with its portfolio management which involved "maximising returns without undue risk, and avoiding prejudice to New Zealand's reputation as a responsible member of the world community".
The offer period closed today.
The fund's management shake up came after the fund posted poor returns in the final quarter of 2007.
Orr said the move had created new positions whilst making others redundant, none of which was a result of performance.
He said: "The new business structure has no implications for the Guardians' strategic asset allocation or mode of investment.
"Our business units enable us to better manage the growth of the New Zealand Superannuation Fund and evenly spread the workload. Our structure achieves this while maintaining a sharp focus on accountabilities and responsibilities," concluded Orr.
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