The firm is no longer required to make a mandatory full takeover offer for the airport.
IFM’s Global Infrastructure Fund (GIF) has announced that it plans to acquire approximately 10 per cent of the shares in Vienna Airport.
IFM GIF previously announced in June that it was obliged to launch a full takeover offer for Vienna Airport under the Austrian Takeover Act after increasing its stake above 40 per cent via indirect subsidiary Airports Group Europe.
However, the Austrian Takeover Commission has since determined that Airports Group Europe is not obliged to make an offer for all of the remaining shares.
Through Airports Group Europe, IFM GIF now intends to make a partial offer for roughly 10 per cent of the airport’s shares at the previously communicated offer price of €33.00 per share.
“A partial offer for approximately 10 per cent of Vienna Airport is in line with Airports Group Europe’s publicly communicated objective of not seeking control of the company,” it said.
“It also reflects public statements made on behalf of the City of Vienna, the Province of Lower Austria and the Employee Foundation not to tender any of their shares into an offer.”
The City of Vienna and the Province of Lower Austria each hold a 20 per cent stake while Vienna Airport employees hold a further 10 per cent. As a result of their stances, Airports Group Europe expects that the partial offer will only be accepted by free-float shareholders.
The offer price of €33.00 per share is approximately 25.5 per cent above the closing price from the last trading day prior to IFM GIF’s initial announcement on 13 June.
It also represents a premium of 21.3 per cent on the volume weighted average price over the six months before the announcement was made.
Last month, IFM GIF acquired a 14.96 per cent stake in Atlas Arteria. The toll road operator has since rejected its request to access non-public information for takeover purposes.
In March, IFM GIF and the IFM Australian Infrastructure Fund also finalised the acquisition of Sydney Airport as members of the Sydney Aviation Alliance with Australian Retirement Trust, AustralianSuper and Global Infrastructure Partners.
IFM manages a total of $181 billion in assets, including $66 billion through IFM GIF with 21 portfolio investments in airports, seaports and toll roads along with energy, water and telecommunication assets.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
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