Dexus (ASX:DXS) has failed to stop the forced sale of its prized $4.5 billion stake in Melbourne Airport.<\/p>\n
The Supreme Court of New South Wales dismissed Dexus\u2019s request to halt the transaction, which was triggered by major superannuation funds following a bitter, high-stakes legal battle.<\/p>\n
Supreme Court Chief Judge in Equity David Hammerschlag removed the injunctions preventing the sale, ruling that Dexus had committed a “material irremediable breach” of a three-decade-old shareholders\u2019 deed.<\/p>\n
Australia Pacific Airports Corporation shareholders, led by IFM Investors, alleged Dexus breached the agreement by sharing confidential information with foreign sovereign wealth funds, including Singapore\u2019s GIC and Abu Dhabi\u2019s Mubadala, which hold conflicting aviation interests.<\/p>\n
Dexus, which acquired the 27.3% holding from AMP\u2019s Collimate Capital in 2023, had attempted to subtly transfer a portion of the stake to new investors under affiliate transfers to bypass existing shareholders.<\/p>\n
However, relations boiled over last year when the APAC board\u2014which includes the Future Fund\u2014moved to compulsorily buy out the property giant.<\/p>\n
Justice Hammerschlag fiercely rejected Dexus\u2019s attempts to blame APAC chair Christine O\u2019Reilly for the fallout, praising her “fierce independence” and stating Dexus was “no longer worthy of trust” after failing to act honestly.<\/p>\n
Trading in Dexus shares was halted on May 29 following the decision.<\/p>\n","protected":false},"excerpt":{"rendered":"Dexus (ASX:DXS) has failed to stop the forced sale of its prized $4.5 billion stake in Melbourne Airport.…\n","protected":false},"author":2,"featured_media":20496,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[19596,260,8004],"class_list":["post-20495","post","type-post","status-publish","format-standard","has-post-thumbnail","category-melbourne","tag-dexus","tag-melbourne","tag-melbourne-airport"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/20495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/comments?post=20495"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/20495\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media\/20496"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media?parent=20495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/categories?post=20495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/tags?post=20495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}