The Canada Pension Plan Investment Board (CPP) said yesterday it had gained acceptances for 62.47% of shares in Auckland International Airport (AIA), easily achieving its target of 39.5%.
After a slow start, the $3.60 a share bid crossed the line at 5pm yesterday. AIA shares closed up 35c at $2.54.
CPP said that with its small existing holding, its stake totalled 63.25%. Any acceptances arriving after 5pm would increase that.
Acceptees would be scaled back on a pro rata basis.
The result of a shareholder vote on the amalgamation proposal was expected today.
The Auckland City Council, which has a 12.7% holding, and Manukau City (10%) have already voted against the proposal.
The Overseas Investment Office (OIO) has said it would refer the bid to the two Cabinet ministers who last week were controversially given additional powers over foreign purchases of strategic assets - Land Information Minister David Parker and Associate Finance Minister Clayton Cosgrove.
Competition lawyers said that with the Canadians already agreeing to limit their voting control to 25%, there is doubt over whether the bid should even be referred to the OIO.
They believed the ministers would be hard pressed to veto it except on populist political grounds.
