Friday, September 25, 2009
Aviation officials in rival Australian airports bid
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SYDNEY, Sep 20 - A group of senior aviation executives under the name Global Airports on Sunday announced a proposal to take over the management of Australia's Macquarie Airports.
The proposal emerged 10 days before a vote on a plan for Macquarie Airports to become a stand-alone entity, and pay investment bank Macquarie Group A$345 million ($300 million) for its management rights.
Under the rival plan, Macquarie Group would not be paid anything, Global Airports said.
The plan would be cheaper, offered a "clean and decisive break" with Macquarie Group and should be on the table at the meeting on September 30, Global Airports said.
Macquarie Group said it was aware of the rival proposal, but understood that Macquarie Airports did not intend to pursue it.
"The directors consider it too risky and it doesn't stack up against the current one," a spokeswoman for Macquarie Group told Reuters.
Macquarie Airports has stakes in airports in Sydney, Brussels, Copenhagen and in Mexico.
In July, it announced it would become a stand-alone entity, one of several funds managed by Macquarie Group to make similar moves amid the global downturn. That has raised doubts about whether the specialist listed funds model pioneered by the investment bank will survive.
The proposal emerged 10 days before a vote on a plan for Macquarie Airports to become a stand-alone entity, and pay investment bank Macquarie Group
Under the rival plan, Macquarie Group would not be paid anything, Global Airports said.
The plan would be cheaper, offered a "clean and decisive break" with Macquarie Group and should be on the table at the meeting on September 30, Global Airports said.
Macquarie Group said it was aware of the rival proposal, but understood that Macquarie Airports did not intend to pursue it.
"The directors consider it too risky and it doesn't stack up against the current one," a spokeswoman for Macquarie Group told Reuters.
Macquarie Airports has stakes in airports in Sydney, Brussels, Copenhagen and in Mexico.
In July, it announced it would become a stand-alone entity, one of several funds managed by Macquarie Group to make similar moves amid the global downturn. That has raised doubts about whether the specialist listed funds model pioneered by the investment bank will survive.
Labels: international airports, Macquarie
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