Major shareholder IFM Global Infrastructure Fund, registered in the Cayman Islands in the Caribbean, wants to buy Vienna International Airport. The Board of Directors recommends that shareholders not accept the offer.
The matter is clear to the airport management. Many small shareholders are more pleasant than a dominant major shareholder who is in charge and wants to swallow the airport. That danger threatens if the IFM fund, which already owns about 40 percent, also buys up the free float of almost 10 percent.
“We therefore advise shareholders not to accept the offer,” explains CEO Günther Ofner. After all, the airport is “about vital infrastructure”. There are many arguments against the deal. Most important for investors: the supply is too low. 33 euros per share is 20 percent below the highest closing price of 2019 if you deduct the expected dividend. Ofner: “Vienna Airport is a successful listed company.”
There are fears of disruptive maneuvers that limit the ability to act, even if the investor group has previously stated otherwise. If the fund achieves its goal, it can, for example, urge B. to close the company. The city of Vienna and the state of Lower Austria, which each own 20 percent and do not want to sell, have no interest in this, nor does the Werknemers Foundation. It is still unclear how many private individuals are selling.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
