KEY POINTS:
Australia's Macquarie Airports Group may bid for Auckland International Airport (AIA) if it sells its stake in Rome's two main airports, global financial services company UBS says in a research report.
Macquarie Airports has accepted a ¬1.28 billion ($2.27 billion) offer from Italy's Gemina for the Australian group's 44.7 per cent stake in Aeroporti di Roma (ADR), the operator of the two airports. Gemina owns 51 per cent of ADR.
Both Macquarie Airports and Gemina shares were suspended from trading on their home exchanges on Thursday, pending a major announcement.
UBS said AIA was a possible target for Macquarie Airports, which already has a tiny stake in the company and is likely to use cash generated from the sale of its stake in ADR to invest in other airports.
It said there were few other opportunities, though over the next 12-18 months other possible targets could include the French regional airports, after the initial public offering of Aeroports de Paris, and a number of eastern European airports such as those in Prague and Warsaw.
Earlier newspaper speculation along similar lines prompted the Auckland City Council, which owns 12.75 per cent, and the Manukau City Council, which owns 9.6 per cent, to say they would retain their stakes in New Zealand's main airport.
The airport's share price jumped 16 per cent to touch a record $2.82 on May 7, amid the earlier speculation about Macquarie's intentions.
Shares in AIA jumped 8c to $2.82 yesterday.
- NZPA
