Auckland Council sells NZ$800m block of airport shares - source

The Auckland Council is selling a NZ$800m ($476.88m) block of shares in Auckland International Airport on Thursday, according to a source with direct knowledge of the matter. The trade is made up of two portions with about NZ$300m worth of stock allocated to some pension fund investors at NZ$8.12 a share, a premium to its closing price on Thursday, according to the source, who could not be named as they were not permitted to speak to media. Auckland Council and Auckland International Airport did not immediately respond to a request for comment sent outside of business hours. The remainder of the stock is being sold to investors who have been told to bid between NZ$7.82 to $NZ8.20 each in increments of 2 cents, a term sheet seen by Reuters said. UBS is the sole bookrunner on the deal and bids close at 1030 GMT, the term sheet said. Auckland Council voted in June to reduce its stake in Auckland International Airport from 18% to 11%.<br/>