From
www.sharepages.com
Owners of BFS amongst others! Seems someone has faith in us!!
LONDON (AFX) - TBI PLC shares soared nearly 50 pct in morning trading after
French group Vinci SA announced it has purchased a 14.9 pct stake in the UK
airport operator at 90 pence a share and is considering making a cash offer at
the same price.
Vinci, a Paris Bourse listed construction, concessions and associated
services group, said it is hopeful that it can obtain the recommendation of the
TBI board for such an offer.
At 9.46 am TBI shares were marked up 29-1/2 pence at 89-1/4.
TBI said it is considering Vinci's announcement and recommended shareholders
take no action. The group said they should wait for a considered response from
its directors.
Industry sources told AFX that Vinci made a 'friendly' approach to TBI three
weeks ago and again yesterday morning. On both occasions it received short
shrift from TBI's directors. The French group then moved to acquire the 14.9 pct
stake (83,250,000 shares) from TBI's largest institutional shareholder Schroder
Investment Management.
On August 3 TBI shares slumped 14 pence to 63-1/4 pence after it warned that
BMI British Midland's withdrawal of its Heathrow and East Midlands services from
TBI's Belfast International Airport would hit profits this year by up to 2 mln
stg and next year by 6 mln stg.
The industry sources said Vinci's first approach to TBI preceded the airport
operator's August 3 profit warning.
Analysts anticipate that TBI will likely say that it regards Vinci's
approach as opportunistic. However, they do not expect the French group to go
away now that it has acquired a near 15 pct stake.
But they pointed out that some 20 pct of TBI's shares are held by chairman
Stan Thomas and his family, which provides a useful base from which to mount any
defence if Vinci was to go hostile.
Vinci, formerly Societe Generale d'Entreprises, was the construction arm of
Vivendi Universal, from which it became independent in February 2000. In July
2000, Vinci merged with GTM, one of its close competitors in France.
As of August 13 Vinci had a market capitalisation of around 5,777 mln eur.
For the year to Dec 31 2000 it recorded a turnover of 17,331 mln eur.
As part of its concessions business, Vinci has accumulated substantial
experience in airport management. The company has a portfolio of investments
in 26 airport concessions serving over 40 mln passengers around the world.
jdd/mkp
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