MAp’s portfolio reshuffle gains investor approval, Ferrovial surges on imminent merger with Cintra

Macquarie Airports’ share price rose 5.8% yesterday as investors welcomed the investment fund’s decision to divest its 35.5% shareholding in Bristol Airport to the Ontario Teachers Pension Plan, pocketing AUD243.2 million for the transaction and increasing MAp’s capital balance to AUD900 million.

MAp also simultaneously increased its stake in Copenhagen Airport, which has a much lower debt profile than Bristol Airport and is showing signs of improving profitability, according to MAp CEO, Kerrie Mather.

Ms Mather added, “with the MAp portfolio having grown significantly over the past five years, Bristol now represents just 4% of our portfolio by value and we feel that our investors are better served deploying our assets elsewhere.”

MAp shareholders are scheduled to vote on MAp’s plans to internalise management and buy the management rights from parent, Macquarie Group, for AUD345 million on 30-Sep-2009.

Elsewhere in the Asia Pacific region, Japan Airport Terminals’ shares fell a further 2.2%, continuing recent weakness related to Japan Airlines' troubles, while Shenzhen and Guangzhou airports’ shares fell back 1.6% and 1.5%, respectively.

Ferrovial gains as merger talks with Cintra continues

Shares in Spanish construction firm, Ferrovial, surged 9.2% in trading yesterday, following a 6% gain in infrastructure firm, Cintra. The two companies are currently in the process of negotiating a merger and will seek shareholder approval in late-Oct-2009.

Aeroports de Paris’ traffic slump continues

Aeroports de Paris’ shares gained 1.6% yesterday following the release of its Aug-2009 traffic results. Traffic decline at Paris’ Charles de Gaulle and Orly airports reported further deterioration from Jul-2009.

Aeroports de Paris traffic highlights in Aug-2009:

  • Passenger numbers: 8.1 million, -3.5% year-on-year;
  • Aircraft movements: 63,106, -6.9%;
    • Paris-Charles de Gaulle: 45,021, -8.1%;
    • Paris-Orly: 18,085, -3.8%.

Elsewhere, shares in Zurich Airport and Vienna Airport gained 6.5% and 4.2%, respectively.

Selected airports daily share price movements (% change): 16-Sep-2009