Government-backed Dubai Aerospace Enterprise has offered to pay up to NZ$2.6 billion (US$2.08 billion) for a controlling stake in New Zealand’s Auckland International Airport, which was backed by the airport’s board, Reuters reported.

Under the offer, which values the whole of Auckland Airport at NZ$5.6 billion (US$4.5 billion), a new company will be created, in which DAE will have a stake of 51 to 60 percent. DAE was set up last year by the government of Dubai and other interests.

Auckland Airport has been the subject of renewed takeover speculation since May, when Australia’s Macquarie Airports was reported to have tried to enlarge its small stake. The board of Auckland Airport, while backing the DAE deal, said it is not restricted from considering other offers.

The offer is conditional on 75 percent shareholder approval and will be voted on in November. The deal also will need approval from New Zealand’s Overseas Investment Board. DAE has plans to invest US$15 billion in airport development and plane leasing and servicing. In April it said it would buy US plane servicing fi rms Standard Aero Holdings and Piedmont/Hawthorne Holdings for US$1.8 billion.

DAE also has ties with Emirates, which fl ies into Auckland and has ambitious plans to expand services in the region and other parts of the world.