Dexus Takes Legal Action Over Disputed Stake in Melbourne Airport Development
Australia’s Dexus announced on Thursday that it has initiated legal action against the board of Australia Pacific Airports Corporation (APAC). This move comes after receiving notification last week alleging breaches of confidentiality agreements connected to their 27% holding in Melbourne Airport.
Dexus mentioned that the court hearing is set for August 11-12.
The conflict centers on Dexus being chosen in 2024 by particular Dexus Bloc shareholders to oversee the selling of their shares.
The firm could be compelled to offload its shareholding at the Melbourne Airport should the accusations prove valid.
Dexus retains its 27% share via Dexus Bloc in APAC, which owns both Melbourne and Launceston airports; here, Dexus acts as the managing entity.
(Reported by Roshan Thomas in Bengaluru; Edited by Alan Barona)