Spanish travel firm bids for UK airports

25th November 2004, Comments 0 comments

25 November 2004, MADRID-Spanish travel and construction firm Abertis has approached airport owner TBI to agree a GBP 550m takeover.

25 November 2004

MADRID-Spanish travel and construction firm Abertis has approached airport owner TBI to agree a GBP 550m takeover.

The Welsh company TBI owns eight airports, including Cardiff, Belfast and Luton in the UK.

Almost a fifth of TBI is owned by the family of founder Stan Thomas, who built a business empire selling meat pies, and they will gain GBP 100m.

Thomas said the deal offered 92.5 pence a share, and the board has recommended that it is accepted.

He said there would be no impact on jobs.

Thomas said he believed Abertis had the financial muscle to expand the company.

He said: "Their intention is be become global airport owners. We think at this moment in time that it's a fair offer."

TBI has been the subject of bids before.

The French construction firm Vinci dropped a bid for the firm after the terrorism attacks of 11 September 2001.

But last week TBI's share price soared to a three year high after it confirmed it was in the early stage of takeover talks.

In January, German construction group Hochtief said it was no longer considering a bid for TBI.

TBI has said it was benefiting from expansion by low cost airlines carriers Easyjet and Ryanair.

Earlier this week it said pre-tax profits for the six months to the end of September had risen 167 percent to GBP 19.2 million (USD 35.6m), compared with the same period in 2003.

As well as Cardiff, Luton and Belfast, TBI also owns Stockholm Skavsta and Orlando Sanford airports.

[Copyright EFE with Expatica]

Subject: Spanish news


0 Comments To This Article