Business & Economy

Sydney Airport receives $16.7 billion takeover bid

Sydney, Australia, July 5 (EFE).- The Sydney Airport Monday said it had received a takeover offer of more than $16.7 billion from a consortium of Australian investors.

The board of directors of the Sydney Airport said it was reviewing the “unsolicited, indicative, conditional and non-binding” proposal from the consortium comprising of IFM Investors, pension fund QSuperBoard and Global Infrastructure Management.

However, it called on shareholders not to take action because they were not “certain” that the proposal would materialize.

The consortium offered the Sydney airport AU$8.25 ($6.22) a share, according to the statement from the Sydney airport.

The airport shares jumped after it announced the buyout offer, and the values closed with an increase of almost 7.80 percent per share on Monday.

According to the Sydney Morning Herald newspaper, the offer represents a surcharge of 42 percent over the trading price before the proposal.

But it is still lower than the airport stock price before the pandemic.

The offer comes in the middle of the Covid-19 crisis that has badly affected the aviation sector in Australia.

The oceanic country closed its borders in March 2020. The government forecast suggests that the reopening will not take place until mid-March 2022. EFE


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