Following litigation from the Canada Pension Plan Investment Board (CPPIB) launched July 25, Auckland Airport (AIA) just announced they have settled the claim out of court.

The claim filed in the High Court related to Auckland Airport’s request for reimbursement of $6 million “outstanding” in expenses related to CPPIB’s attempted partial takeover of Auckland Airport.

The Canada Pension Plan Investment Board (CPPIB) is suing Auckland Airport (AIA) for expenses relating to CPPIB’s partial takeover offer.

The claim also relates to a confidentiality agreement which prevents CPPIB from trading in Auckland Airport shares.

The CPPIB has paid only $1.34 million of the $7.6 million expenses Auckland Airport says it incurred responding to CPPIB’s partial takeover offer for the airport, so the amount in dispute is $6.26 million.

Government ministers have vetoed a Canadian bid to buy a stake in Auckland International Airport (AIA).

The Canada Pension Plan Investment Board has a conditional 40 percent share of Auckland International Airport. However, the Government last month tightened overseas investment regulations regarding foreign companies buying large New Zealand assets.

State Services Minister David Parker and Associate Finance Minister Clayton Cosgrove have the power to veto the sale which now requires Overseas Investment Office approval.