The 25% acquisition of Queenstown airport by Auckland International Airport is inviting severe criticism from people.
On July 8, the Auckland International Airport disclosed that it is purchasing a 24.99% stake in the Queenstown Airport, which is worth $27.7 million.
Experts are of the view that Auckland Airport has taken undue advantage of the situation. Also, the Airport has the freedom to enhance its stake to 30%to 35% up till June 30, 2011.
Adrian Allbon and Marcus Curley of Goldman Sachs JB Were, reveal that according to their study, it is a good contract for Queenstown Airport as it will make equity funds available to them.
However, the community leaders and entrepreneurs of Queenstown are insisting on getting their airport back.
A cancellation of the contract is being sought by the Queenstown Community Strategic Assets Group and it is also taking legal guidance in this regard.
The people of Queenstown are angry because they say that they had not been consulted before striking the deal.
John Martin, Spokesman of the Queenstown Community Strategic Assets Group, disclosed that there is a strong resentment among the people in regard with the deal and it could become a major issue during the elections.
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