WELLINGTON (Reuters) - The New Zealand government has rejected an application by a Canadian State Pension Fund to take a 40 percent stake in the country's main gateway, Auckland International Airport Ltd (AIA.NZ: Quote, Profile, Research).

The Canada Pension Plan Investment Board had offered NZ$1.8 billion ($1.4 billion) to take a 40 percent stake in the airport.

The deal would be of no particular benefit to New Zealand, land information minister David Parker and Associate Finance minister Clayton Cosgrove said in a statement.

Shares in Auckland Airport closed on Thursday at NZ$2.35, having traded between NZ$1.99 and NZ$3.50 over the past year.

The government had been expected to reject the application after last month announcing tough new criteria for overseas investment in strategic assets.

"Considering all relevant factors and on the basis of the information before us, we are not satisfied that the proposed investment will, or is likely to, benefit New Zealand," Parker and Cosgrove said in a report on their decision.

The ministers said the application failed on every one of a nine-point test, including creating or retaining jobs, boosting exports and providing additional investments.

CPPIB had offered to reduce its voting rights to 24.9 percent, the threshold for overseas ownership, from a previous 30 percent, to ease government concerns about foreign control.

CPPIB had got a total of 63.5 percent for its partial offer at NZ$3.5980 a share by its March 13 deadline, and the offer was approved by nearly 58 percent of voting shareholders as required by New Zealand takeover rules.