Air New Zealand and the Queenstown Community Strategic Assets Group Inc have withdrawn their cases against Auckland International Airport Limited (AIAL) over its shareholding practices in Queenstown Airport (QAC), following an agreement between the parties.
The new deal has seen AIAL cancel an option to increase its share in QAC to between 30 and 35 per cent, and will see the company maintain its 24.99 per cent stake. “On behalf of both Air New Zealand and the Queenstown Community Strategic Assets Group we are pleased that we have achieved success on the eve of the case heading to court,” Air New Zealand deputy CEO Norm Thompson said.
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“It has become clear as we prepared for the case that this would be a long and expensive battle which could cost several million dollars for all involved, including the Queenstown community, which would have long term disadvantage for everyone,” Thompson said.
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