The New Zealand Superannuation Fund sold 7.6 percent of Auckland International Airport for a 6 percent discount, raising $276 million and benefiting from a share price near a five-year high. The selldown was initiated by Morrison & Co Funds Management, which managed the investment for the fund. The sale was managed and underwritten by UBS New Zealand. The shares were …

Optimism about equity valuations following a surprise takeover of HJ Heinz was tempered by reports showing economies in Europe and Japan were weaker than expected. Shares of HJ Heinz soared, last up 19.8 percent to US$72.4,5 as Warren Buffett’s Berkshire Hathaway and 3G Capital agreed to buy the ketchup maker for US$72.50 a share, or US$28 billion including debt. The …

The New Zealand dollar rose above 85 US cents for the first time since September 2011 amid expectations retail sales figures today will add to a string of strong data this week suggesting the economy is a standout in a tepid globe. The kiwi dollar recently traded at 84.80 US cents and earlier rose as high as 85.14 cents, from84.74 …