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A Bay of Plenty iwi trust has dropped its long-running challenge to get a bigger stake in its local power lines business.
Te Mana o Ngati Rangitihi Trust has been fronting for Marlborough Lines Company in a series of legal actions aimed at preventing Eastern Bay Energy Trust from acquiring all the shares in lines company Horizon Energy.
Last month the Court of Appeal ruled Eastern Bay could hang on to its existing 77 per cent stake in Horizon, despite an argument that its trust deed prevented it going over 25 percent.
Ngati Rangitihi chair Graham Pryor says Te Mana has been vindicated by the Court of Appeal finding that a 1999 poll used to justify the purchase was a breach of trust.
But he says it has come time to move on, and there won't be any further appeals.
Marlborough Lines has agreed to pay all of Te Mana's legal costs.
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