Airports: Save makes progress on the Catania-Comiso project; Palermo remains a puzzle for F2i
Corporacion America is also ready to make a non-binding offer
(Il Sole 24 Ore Radiocor) - Having successfully completed the first stage – the submission of an expression of interest – Save is moving forward with the privatisation process for Catania and Comiso airports and is ready to proceed to the second stage, namely the submission of a non-binding bid to acquire a majority stake in Sac (the operator of the two Sicilian airports). This is according to information obtained by Radiocor from sources, who state that F2i (through 2i Aeroporti) is, meanwhile, assessing whether to proceed with Catania-Comiso or to focus on Palermo, another airport where the privatisation process has been launched.
The Catania-Comiso deal is also in the spotlight for Corporacion America, which is ready to submit a non-binding offer. The deadline is set for 12 November. Once the second phase is complete, a third phase will begin, involving binding offers, with the aim of finalising the deal by the end of the year. The stake up for sale comprises 51 per cent of SAC’s share capital, but rumours suggest this could rise to as much as 61 per cent, with a value expected to range between 500 and 600 million euros. The 51 per cent stake would, in theoretical terms, be valued at between 255 and 306 million. The first stage of the process concluded at the end of July when SAC announced the 10 bidders (out of a total of 14) that had been shortlisted for the second phase; these are Corporacion America Airports, Royal Schiphol Group, Mundys, Adani Airport Holdings, Save, 2i Aeroporti, Mag Overseas Investment, Oman Airports Management Company, Macquarie European Infrastructure Fund and Vinci Airports.
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