Dexus has successfully resisted the forced sale of its 27% stake in the company that owns Melbourne Airport with a court granting it a temporary reprieve.
The New South Wales Supreme Court on Wednesday agreed to Dexus’ request that the Australia Pacific Airports Corporation (APAC) be restrained from putting the stake up, known as the Dexus Bloc, for sale.
The property group said it filed proceedings in the Court contesting the validity of a notice alleging it misused confidential information, to protect the interests of the Dexus Bloc shareholders.
The injunction will continue until a hearing of APAC’s allegations that Dexus used a confidentiality deed poll and disclosed confidential information while trying to sell part of the stake.
“The Injunction is to remain in place until the Court makes its final ruling in the proceeding, which is scheduled to be heard on 11 and 12 August 2025,” Dexus said.
The injunction temporarily lifted the suspension of the governance, voting and information rights of the shareholders arising from the notice and prevented the finalising of any valuation of the stake while the dispute is being determined.
NSW Supreme Court judge James Stevenson will deliver his reasons for granting the injunction on Thursday at 2:00 pm AEST, the Australian newspaper reported.
Dexus had previously told the Australian Securities Exchange (ASX) it would be required to offer the shares to the other APAC shareholders at their assessed fair market value if the notice containing the allegation was found to be valid.
As trustee/manager for the Dexus Block interests, Dexus was appointed in 2024 by some of the shareholders to try to sell their stakes.
“In exchange for the Injunction, Dexus has committed to pay any damages that may arise to impacted parties in the event that its claim does not succeed (as is usual in exchange for orders of this kind),” Dexus said.
“Dexus will continue to assess potential impacts of this matter and will provide further updates in accordance with its disclosure obligations.”
APAC, which also owns Launceston Airport, is owned by Dexus (27.32%), IFM Investors (25.17%), the Future Fund (20.34%), SAS Trustee Corporation (18.47%) and Utilities of Australia/(8.70%).
Melbourne Airport is Australia’s second busiest airport after Sydney Airport.
Dexus (ASX: DXS) shares rose five cents (0.7%) to $7.22 on Wednesday, capitalising the company at $7.77 billion.
