Expansion / Malaga Airport, operated by Aena
The Minister of Development, Ana Pastor, yesterday received the final support for the placement on the stock exchange 28% of Aena . At a key meeting with other government departments involved in the partial privatization of public groups (Economy, Finance and Economic Office of Prime Minister), the Minister of Public Works found no opposition to the operation so unless surprises last minute, the Council of Ministers on January 23 approved the prospectus for the IPO and its immediate registration by the CNMV.
The meeting was attended Alvaro Nadal, head of the Economic Office. He also participated Julio Gómez Pomar, Secretary of State for Infrastructure, and José Manuel Vargas, president of Aena. The meeting was attended by the underwriters (BBVA, Santander, Morgan Stanley, Bank of America and Goldman Sachs) and the rest of the advisers of the IPO, which could see firsthand that no longer exist fissures within the Government They did capsize operation in 2014 and which caused the delay until February 2015.
The green light for the operation occurs after more than three months of tension caused by the suspension of OPV in the Council Ministers last October 24. The reason for the suspension were the alleged irregularities detected by Economy in choosing the auditor of the IPO, PwC. Competition Despite the setback, the Minister of Public Works and his team did not throw in the towel. They summoned a contest to choose a new auditor to elaborate the comfort letter (letter of agreement) required by banks responsible for the placement. In early December were awarded the service EY, firm plans to deliver the document that comes with the audited accounts of Aena until September 30, 2014 week.
From the registration of the prospectus by the CNMV, the company led by José Manuel Vargas held a road show to investors and subsequently the final price is fixed before the debut on the stock exchange, scheduled for February 11.
The terms of the transaction does not have changed from the original. In October, the Advisory Council on Privatization (CCP) leaked the range of prices at which Aena anticipated debut, between 41.5 and 53.5 euros. This involves valuing the company at a range of between 6,225,000 and 8,025,000.
The Executive will sell 49% stake in Aena in two operations. In addition to the 28% stake that will bring Bag, last year won 21% of a core formed by Ferrovial (6.5%), the British fund The Children
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