Dexus May Sell Melbourne Airport Stake Over Breach Allegations
(Reuters) - Real asset manager Dexus said on Friday it may be forced to divest its 27% stake in Melbourne Airport after receiving a notice from the airport's board alleging a breach of confidentiality agreements.
The stake is held through Dexus Bloc in Australia Pacific Airports Corporation (APAC), which owns Melbourne and Launceston airports, with Dexus acting as the manager.
If the allegations are upheld, Dexus said it would be required to sell the stake to other APAC shareholders at fair market value.
It also said in a statement it intends to dispute the allegations.
In 2024, certain shareholders of Melbourne and Launceston airports appointed Dexus to manage the sale of their stakes.
Friday's notice marks an escalation in the dispute with other APAC shareholders, who allege that Dexus breached the shareholders' deed by disclosing confidential information during the sale process.
"The board examined a matter related to its shareholders deed and confirmed a breach of the deed by one of APAC’s shareholders," a spokesperson for APAC told Reuters.
"The breach was considered material and incapable of being remedied. The board is overseeing this matter with a strong focus on good governance and complying with its obligations to act in the best interests of the company," added the APAC spokesperson.
(Reporting by Kumar Tanishk and Nikita Maria Jino in Bengaluru; Editing by Nivedita Bhattacharjee)
