FRANKFURT (Fraport) - A Philippine company has made a preliminary $200 million offer to purchase Fraport AG's shares in PIATCO, the operating company of Manila international airport's Terminal 3, and its shares in the other joint-venture companies: PTI, PTH and PAGS. Fraport AG accepted this offer on August 26.
A corresponding shareholding purchase contract now has to be negotiated and completed within 15 working days. The purchase price for Fraport's shareholdings has to be paid in two tranches. The first tranche in the amount of $50 million has to be paid shortly after the purchase contract has been signed. The second tranche in the amount of $150 million has to be paid within six months of the contract signing. The transfer of Fraport's shares and various rights and claims will take place once the second tranche has been received.
The transaction is conditional on approval from Fraport AG's supervisory board. Furthermore, the other joint-venture shareholders have to relinquish their buy-first option.
A Fraport spokesperson stated that the company has been striving for a long time to exit Manila with as much financial compensation as possible. Now, here is a possibility for achieving a pragmatically acceptable exit from Manila. This opportunity should be utilized.
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