Decline go to the IPO to buy titles after finishing outside the ‘hard core’
MADRID, 6 (IRIN)
Corporación Financiera Alba and Ferrovial not finally enter the capital of Aena, although they were selected as referral partners to form the ‘core’ group of airports in the first phase of the privatization process.
An investment company of March and the company headed by Rafael del Pino have not gone to buy shares of Aena the institutional tranche of the public offer (IPO) already underway, according to Europa Press in financial sources.
In this way, the group of airports do not have a group of referral partners and commitment to stay in the capital, contrary to what was initially planned by the government.
The scheme designed by the Executive to privatize 49% of Aena provided for the sale of a 21% stake three referral partners and stable, and then placing in bag another 28% through an IPO. With this structure was intended to stabilize the shareholders and, in time, offer the possibility of a shareholder to any citizen.
However, the expectation generated by the IPO has led Aena to raise the indicative band transaction prices. These prices have exceeded the maximum amounts to which the three inverters chosen as reference partners agreed to acquire shares of the operator.
Specifically, in the first phase of the privatization of Aena, closed last month October, Corporación Financiera Alba promised to buy 8% of the company at a maximum price of 53.33 euros per share and Ferrovial and TCI to take a 6.5% each, at a maximum price of 48 66 and 51.60 euros per share, respectively.
However, on Tuesday, Aena rose to a range between 53 and 58 euros per share indicative price band initially set for (OPV ) in between 43 and 55 euros.
This upward revision and the widespread demand for bonds, which suggests that the price finally fixed in the upper range, reminders that the three investors elected to the ‘hard core’ were out of operation.
GO TO OPV, LAST OPTION.
Alba, Ferrovial and TCI still had the possibility of entering the capital of Aena going tranche of the IPO reserved for institutional investors seeking titles and paying them at the price fixed for the IPO.
However, in the case of two Spanish investors have finally declined to attend IPO in the period of time to take orders, which ends this Friday, according to Europa Press in these sources.
Aena set next Monday, February 9, the final price of their actions, which on Wednesday 11th debut on the stock exchange. With this premiere on the floor the Government completed the privatization of airports group
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