News Column

Spain's Aena part sale to target small shareholders

August 31, 2014



The sale of a 49 per cent stake of the group will be given the green light by the stocks commission around the end of that month, the source said, paving the way for one of Spain's biggest privatisations.





The partial privatisation of Spanish airports operator Aena should see its shares list on the stock market in late November with a small tranche reserved for the public a litmus test for domestic investor faith in an economic recovery.







The sale of the world's biggest airports operator still has several hurdles to overcome, but a source familiar with the situation told Reuters the pricing process should be finalised between global coordinators and the government in September.







The sale of a 49 per cent stake of the group will be given the green light by the stocks commission around the end of that month, the source said, paving the way for one of Spain's biggest privatisations.







Of that non-controlling stake, a little under half or 21 per cent of the total company is slated for between two and four core shareholders in a separate auction process. This is likely to rule out some candidates such as infrastructure managers Ferrovial and Abertis which only invest in companies where they hold a majority stake.







European low-cost airline Ryanair said in June it was interested in participating in the privatisation.







The other 28 per cent is to be sold to domestic and foreign investors, primarily financial institutions.








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Source: Khaleej Times (United Arab Emirates)


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