Infratil
Infratil is embroiled in an interesting airport controversy in Germany.
The European Commission last week opened formal proceedings against Lubeck airport - in which Infratil is the largest shareholder. The EU alleges the airport has received illegal state aid from the German Government.
Infratil Airports - which also owns Wellington, Glasgow Prestwick and Manston airport - denies the allegations and says the EU's persistence in pursuing the case sends a concerning message to private airport investors in Europe.
"One has to ask whether the commission is concerned with advancing competition and market reform or just the interests of influential participants in the German aviation market," it said.
The political stoush is no doubt a distraction for Lubeck management. Of the three European airports, it is in the best position to expand passenger services. It has 4.5 million people living less than an hour away but faces a challenge to overcome the prevailing German political attitude to private airports.
The dispute won't be financially material to Infratil, European airports represent just a tiny part of its investment portfolio - now dominated by a 50.5 per cent stake in Trustpower.
And Infratil shares have quietly risen nearly 20 per cent this year to make the stock one of the best performers in what is shaping up as pretty average year for the market. Infratil closed at $3.12.
Excluding the takeover premiums propping up Tourism Holdings and Auckland Airport, Infratil rates in the top three best performers of the year behind Air New Zealand and Michael Hill.