SME Times is powered by   
Search News
Just in:   • Modi at UNGA: 10 highlights of India's solutions at 'unparalleled' scale  • Import duty norm relaxed to improve containers availability  • Premium valuations biggest risk to market rally  • Big relief for service sector with SEIS release: FIEO  • Rs 300cr undisclosed income detected by I-T at financing syndicates 
Last updated: 13 Sep, 2021  

Flight.9.thmb.jpg Sydney Airport agrees to $17bn takeover

Flight.9.jpg
   Top Stories
» Import duty norm relaxed to improve containers availability
» Big relief for service sector with SEIS release: FIEO
» Semiconductor shortage to further impact PV sales in Sep
» Centre to bring new cooperative policy soon: Amit Shah
» Make SEEPZ a world-class facility, says Piyush Goyal
IANS | 13 Sep, 2021
After several rejected bids, the Sydney Airport accepted a takeover bid from investment group Sydney Aviation Alliance consortium at A$8.75 ($6) per share on Monday, which will equate to a deal of A$23.6 billion ($17 billion).

The bid marked the investment group's third offer since its A$8.25 per share offer on July 5, and A$8.45 per share offer on August 16, both of which were knocked back on the terms of "not to be in the best interests of Sydney Airport security holders", reports Xinhua news agency.

Over the next month Sydney Airport would open its books to the investors group allowing them to conduct due diligence before finalising the purchase.

The agreement remains non-exclusive and the airport would still be able to accept other bids.

On Monday, the Sydney Airport's board declared its intent to "unanimously recommend that security holders vote in favour of the proposal in the absence of a superior proposal".

In its August half year results Sydney Airport posted nearly A$100 million in losses and a 91 per cent decline of international passengers and 36.4 per cent dip in domestic passengers.

Despite this, CEO Geoff Culbert expected business to pick up as Australia's vaccination rate increases and borders begin to reopen.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 26 Sep, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Rajasthan the most unemployed state after Haryana(1)
» Credit monitoring cell to monitor MSME loans(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter