Copeland: Auckland Airport shares should be offered to locals first
United Future Finance spokesperson, Gordon Copeland, has written to Commerce Minister Lianne Dalziel asking that she
intervene, and if necessary change the law, to ensure that any sale by the Auckland City Council of its shares in
Auckland Airport will see New Zealand residents get first preference before overseas investors.
“The media reported this week that the failure of the Auckland City Council to get the required 20 signatures on the
prospectus to allow the shares to be sold to the public – 5 leftwing councillors refused to sign – blocks a sale to
locals, but allows the sale to overseas interests to proceed,” said Mr Copeland.
“Such an outcome would be scandalous. If that is the result of the present law then it is a complete ass and the
Minister needs to ensure that it is changed forthwith. Meantime any sale of the Auckland City Council’s stake in
Auckland Airport should be held over.
“We Kiwis have just got to become street smart when these kinds of situations arise. Mark Weldon, the new Chief
Executive of the Stock Exchange, has set out to revitalise New Zealand investment markets, and, in that objective, he
has my wholehearted support.
“It is disgraceful that in too many instances over the last ten years or so we have sold the majority of the shares in
New Zealand companies to overseas investors leaving Kiwi investors at the end of the queue.
“Frequently, disadvantaged Kiwi investors then end up having to buy shares in our own companies back from overseas
shareholders at an inflated price and we wonder why we continue to languish in the international growth statistics,”
said Mr Copeland.