A group of Birmingham councils has waived its right to block the sale of a 48.25% stake in Birmingham International airport to a Canadian pension fund, clearing the way for the completion of the £420m. Daily Telegraph

Earlier this year, Australian investment group Macquarie and Aer Rianta agreed to sell their stakes in Birmingham International for £420m to Ontario Teachers and Victorian Funds, following disagreements over strategy with the local authorities that own 49% of the shares.

The seven councils had the right to block the sale through pre-emption rights that lasted for 90 days from 17 May when the deal was announced. But in the last two weeks the councils have given the investment consortium exclusivity to buy.