Aena war with competence to its shareholders – Reuters Spain

MADRID (Reuters) – The airport operator Aena has included a new agenda for the shareholders meeting where the board requests authorization to defend themselves against the decision of competition that will force them to lower airport charges

“Instructions to the Council Administration to defend the interests of Aena against CNMC agreement setting criteria for the separation of the costs of airport and commercial activities at airports (…) that could adversely affect the current regulatory system adopted calculating airport charges “reads the tenth item on the agenda.

At the same point are encouraged to move to the Government a request “to prevent the CNMC assume functions outside its purview and contrary to the current regulatory framework.”

The initiative was promoted by the British fund TCI, the largest private shareholder of Aena with a share of 7.7 percent, including derivatives (ie non-voting) and less than 11 percent.

The competition regulator released last April 30 a resolution that would oblige the airport operator to reduce its rates between two and three percent.

“The CNMC not respect the existing legal framework. Your decision affects investor confidence and raises an issue of legal security, “said a spokesman for TCI in Spain.

TCI acquired most of its shares in the IPO of Aena earlier this year at a price of 58 euros per share.

At that time, Aena had a scheme to set tariffs intended to prevent commercial activities (duty free, cafes and other facilities) subsidize the aviation business.

But Competition warns that Aena is incorrectly considering some costs “underestimating the commercial activities” and requires the company to reduce its income from airport charges at nearly 70 million euros (42 of them in 2016).

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