Melbourne Airport owner says it is as ‘business as usual’ following BAA sale of Budapest – 23/10/06

AUSTRALIA. Australia Pacific Airports Corporation (APAC), the operator of Melbourne and Launceston Airports, today declared “˜business as usual’ following the decision by 20% owner BAA to sell its overseas
airport assets, including those in Australia.

BAA was purchased in June this year by a consortium led by Spanish transport and infrastructure conglomerate Ferrovial, in partnership with Canadian and Singaporean investors.

Today BAA announced it would be selling all its international airport interests. Its Australian investments include minority interests Melbourne, Launceston, Perth, Darwin, Alice Springs and Tennant Creek Airports.

APAC is currently owned by four shareholders: AMP (41%), REEF Infrastructure (26%), Hastings Funds Managements (13%) and BAA (20%).

APAC CEO and Managing Director Chris Barlow said that this decision was not a surprise and that both Melbourne and Launceston Airports would continue to operate with a “˜business as usual’ approach.

“Like any well-managed company, we have a contingency plan. The remaining shareholders will determine APAC’s future ownership structure,” said Barlow. The shareholders agreement contains pre-exemption rights.

The Nuance Group is the duty free retailer at Melbourne Airport.

“I can assure you all that APAC will remain in good shape, continuing to be a majority Australian-owned company and continuing to serve the interests of Victoria and Tasmania,” Barlow said.

BAA announced on Friday it has signed a memorandum of understanding to divest Budapest Airport to a group led by German airports group Hochtief AirPort. The UK airports company acquired 75% minus one share in the Hungarian gateway late last year.


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