TBI Takeover, (merged)
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Tbi
Anybody heard much about the TBI Buy-out offer? Apparently somebody has made an offer and shares have risen. ( According to financial times ).
Unfortunately thats all i've heard .
Unfortunately thats all i've heard .
I found this announcement dated 18th November :
TBI PLC
18 November 2004
18 November 2004
TBI plc ('TBI' or the 'Company')
The Board of TBI notes the recent share price movement and can confirm that it
has received a preliminary approach which may or may not lead to an offer for
the entire issued and to be issued share capital of the Company. Discussions
are at a preliminary stage and there can be no assurances that agreement can be
reached.
A further announcement will be made when appropriate.
TBI PLC
18 November 2004
18 November 2004
TBI plc ('TBI' or the 'Company')
The Board of TBI notes the recent share price movement and can confirm that it
has received a preliminary approach which may or may not lead to an offer for
the entire issued and to be issued share capital of the Company. Discussions
are at a preliminary stage and there can be no assurances that agreement can be
reached.
A further announcement will be made when appropriate.
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TBI Takeover, a massive change in loco operations on the cards?
TBI looks set to be taken over by AENA the spanish airports group. This coudl mean that they can offer extra incentives for carriers flying to spanish airports from Luton, Cardiff, Belfast etc.
Does this mean they will offer cheaper deals and loco's will shift business to these airports?
Does this mean they will offer cheaper deals and loco's will shift business to these airports?
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TBI Sold to Spanish Construction Company
As I was heading out the door this morning, BBC Breakfast News was announcing that TBI has agreed a takeover by a Spanish Construction company. Reuters are reporting it is Abertis. Bloomberg are more specific about it being Airport Concessions and Development Limited which is 90% owned by Abertis and 10% by AENA, the state owned (I think) operator of Spanish airports.
At first I presumed the BBC meant Ferrovial which would have been interesting. Anyway, it's not, but is still interesting- I don't know much about Abertis.
At first I presumed the BBC meant Ferrovial which would have been interesting. Anyway, it's not, but is still interesting- I don't know much about Abertis.
Last edited by ClickRich; 24th Nov 2004 at 08:15.
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This seems to be the case.
Spain's Abertis, Aena in agreed 551.3 mln stg bid for UK's TBI - UPDATE
LONDON (AFX) - Spain's Abertis Infraestructuras SA and the Spanish airport authority Aena Desarrollo Internacional SAU have launched an all-cash offer for TBI PLC, valuing the UK airport group at 92.5 pence per share or 551.3 mln stg.
The unit formed for the bid is 90 pct owned by Abertis, while the remaining 10 pct is held by Aena.
The boards of both companies have agreed on the terms of the bid, which also includes a loan note alternative, they said in a statement.
Directors of TBI, which runs the London Luton airport, will "unanimously" recommend the bid to the group's shareholders, it said.
TBI directors and shareholders who hold 29.16 pct of the company have already committed to accept the offer and holders of a further 10.23 pct have expressed their support and agreement to accept the deal in a letter.
"This offer is highly attractive for TBI's shareholders and employees," said TBI chief executive Keith Brooks. "Shareholders will benefit from a cash offer that represents a full and fair value."
As part of the agreement, TBI has cancelled the 0.7 pence interim dividend it declared on Nov 16. It will restore the dividend should the bid lapse or be withdrawn.
A spokesman at Abertis said: "The acquisition of TBI is an important step in the development of Abertis' position as a leading European infrastructure operator."
"(It) will provide our airport business with critical mass and is a further step towards our strategy of expanding across the whole range of infrastructure businesses," he said.
TBI also operates the Belfast International and Cardiff International airports in the UK, the Stockholm Skavsta in Sweden, Orlando Sanford in the US and three major Bolivian airports.
Spain's Abertis, Aena in agreed 551.3 mln stg bid for UK's TBI - UPDATE
LONDON (AFX) - Spain's Abertis Infraestructuras SA and the Spanish airport authority Aena Desarrollo Internacional SAU have launched an all-cash offer for TBI PLC, valuing the UK airport group at 92.5 pence per share or 551.3 mln stg.
The unit formed for the bid is 90 pct owned by Abertis, while the remaining 10 pct is held by Aena.
The boards of both companies have agreed on the terms of the bid, which also includes a loan note alternative, they said in a statement.
Directors of TBI, which runs the London Luton airport, will "unanimously" recommend the bid to the group's shareholders, it said.
TBI directors and shareholders who hold 29.16 pct of the company have already committed to accept the offer and holders of a further 10.23 pct have expressed their support and agreement to accept the deal in a letter.
"This offer is highly attractive for TBI's shareholders and employees," said TBI chief executive Keith Brooks. "Shareholders will benefit from a cash offer that represents a full and fair value."
As part of the agreement, TBI has cancelled the 0.7 pence interim dividend it declared on Nov 16. It will restore the dividend should the bid lapse or be withdrawn.
A spokesman at Abertis said: "The acquisition of TBI is an important step in the development of Abertis' position as a leading European infrastructure operator."
"(It) will provide our airport business with critical mass and is a further step towards our strategy of expanding across the whole range of infrastructure businesses," he said.
TBI also operates the Belfast International and Cardiff International airports in the UK, the Stockholm Skavsta in Sweden, Orlando Sanford in the US and three major Bolivian airports.
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Thats a relief!Thought it become a housing estate over night!Thanks.
So is this a good move for the development the airports within this group? ie do they invest.
So is this a good move for the development the airports within this group? ie do they invest.
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Well, as they have the heritage of airport operation (particularly AENA) you can be sure they won't be asset strippers. Also, a construction company's risk profile is likely to be fairly long term and their shareholders wouldn't expect any short termism.
I'd say they're investing to maximise the upside to existing plans.
I'd say they're investing to maximise the upside to existing plans.
Last edited by ClickRich; 24th Nov 2004 at 16:20.
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From the Abertis website:
"Both Abertis and Aena consider that TBI represents an excellent opportunity. For Abertis, it means gaining greater weight in the airport business, strengthening its position as global manager of infrastructures.
For Aena it represents the broadening its interests in international airports.
In Europe, TBI has benefited from the significant increase of the low cost airlines. The number of passengers in this segment has increased to 10.8 million at September 2004, an increase of 12% on the previous year.
The main asset of TBI, London Luton airport, is located in one of the most important world markets in terms of annual air traffic. In this respect, London Luton will see this figure of travellers increase according to the forecasts as outlined in the White Paper on the Future of Air Traffic, prepared by the British Government, which signals congestion in other airports of the South-east of Britain.
The combination of experience in the airport sector of TBI, together with the experience of abertis in the management of infrastructures strengthened by its global presence and financial capacity, as well as the position of Aena as global operator of aeronautical infrastructures, guarantees continued growth of the airport business of TBI and will provide a platform for future investments in the sector.
Once the operation is closed, abertis and Aena will study the possibility of bringing into the consortium one or more financial partners, but only with a minority shareholding, as abertis will hold on to its majority position in this consortium.
Abertis
Abertis is the result of the merger in 2003 of Acesa and Áurea, which lead to one of the leading infrastructures groups in Europe.
The leading shareholders of abertis are “la Caixa”, leader in the financial sector, and ACS, group leader in the construction and services sector, with activities in infrastructure projects and concessions, including airports. Possible synergies between the TBI and the airport activities of ACS will be explored.
In addition to the highway business, abertis operates in other business segments that currently represent 15% of EBITDA –car parks, telecommunication infrastructures, airports and logistic services. In airports, abertis has an 85% shareholding in Codad, which holds the concession to operate El Dorado International Airport at Bogotá, Colombia, which has 69 percent of international flights to the country and 36 percent of the national flights.
Abertis also has significant international operations with shareholdings in Argentina, Chile, Colombia, Puerto Rico, Andorra, Italy, Portugal, United Kingdom, Morocco and South Africa. In the United Kingdom, abertis holds 25 percent of the operator R.M.G., owner of the shadow toll highway concessions of the A1-M (21 km) and the A419/417 (52 km).
Aena and Aena Internacional
Aena is the Spanish state operator of airports and the largest airport operator group in the world. It manages a network of 47 airports with a volume of 153 million passengers in 2003. It is also responsible for the operation of the Spanish air navigation system through seven air traffic control centres that control some 2.5 million movements every year.
Aena, through its international activities subsidiary, Aena Internacional, is involved in the management of sixteen airports in three different countries, which recorded a volume of 20 million passengars in 2003.
In air navigation, Aena Internacional plays an active role in the projects of the European Single Sky program, together with the main providers of European air navigation services.
In 2003, Aena had a turnover of 1,887 million euros, with EBIT (earnings before interests and taxes) of 209 million euros and aeronautical income in airports represented 38 and 39 percent of profit, respectively, in 2003."
Maybe at long last, this'll enable Luton to give BAA's London airports monopoly and Stansted in particular, the run for their money they justly deserve...
Damn good news if you ask me!!
"Both Abertis and Aena consider that TBI represents an excellent opportunity. For Abertis, it means gaining greater weight in the airport business, strengthening its position as global manager of infrastructures.
For Aena it represents the broadening its interests in international airports.
In Europe, TBI has benefited from the significant increase of the low cost airlines. The number of passengers in this segment has increased to 10.8 million at September 2004, an increase of 12% on the previous year.
The main asset of TBI, London Luton airport, is located in one of the most important world markets in terms of annual air traffic. In this respect, London Luton will see this figure of travellers increase according to the forecasts as outlined in the White Paper on the Future of Air Traffic, prepared by the British Government, which signals congestion in other airports of the South-east of Britain.
The combination of experience in the airport sector of TBI, together with the experience of abertis in the management of infrastructures strengthened by its global presence and financial capacity, as well as the position of Aena as global operator of aeronautical infrastructures, guarantees continued growth of the airport business of TBI and will provide a platform for future investments in the sector.
Once the operation is closed, abertis and Aena will study the possibility of bringing into the consortium one or more financial partners, but only with a minority shareholding, as abertis will hold on to its majority position in this consortium.
Abertis
Abertis is the result of the merger in 2003 of Acesa and Áurea, which lead to one of the leading infrastructures groups in Europe.
The leading shareholders of abertis are “la Caixa”, leader in the financial sector, and ACS, group leader in the construction and services sector, with activities in infrastructure projects and concessions, including airports. Possible synergies between the TBI and the airport activities of ACS will be explored.
In addition to the highway business, abertis operates in other business segments that currently represent 15% of EBITDA –car parks, telecommunication infrastructures, airports and logistic services. In airports, abertis has an 85% shareholding in Codad, which holds the concession to operate El Dorado International Airport at Bogotá, Colombia, which has 69 percent of international flights to the country and 36 percent of the national flights.
Abertis also has significant international operations with shareholdings in Argentina, Chile, Colombia, Puerto Rico, Andorra, Italy, Portugal, United Kingdom, Morocco and South Africa. In the United Kingdom, abertis holds 25 percent of the operator R.M.G., owner of the shadow toll highway concessions of the A1-M (21 km) and the A419/417 (52 km).
Aena and Aena Internacional
Aena is the Spanish state operator of airports and the largest airport operator group in the world. It manages a network of 47 airports with a volume of 153 million passengers in 2003. It is also responsible for the operation of the Spanish air navigation system through seven air traffic control centres that control some 2.5 million movements every year.
Aena, through its international activities subsidiary, Aena Internacional, is involved in the management of sixteen airports in three different countries, which recorded a volume of 20 million passengars in 2003.
In air navigation, Aena Internacional plays an active role in the projects of the European Single Sky program, together with the main providers of European air navigation services.
In 2003, Aena had a turnover of 1,887 million euros, with EBIT (earnings before interests and taxes) of 209 million euros and aeronautical income in airports represented 38 and 39 percent of profit, respectively, in 2003."
Maybe at long last, this'll enable Luton to give BAA's London airports monopoly and Stansted in particular, the run for their money they justly deserve...
Damn good news if you ask me!!
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Does this mean they will offer cheaper deals and loco's will shift business to these airports
However, if I was BAA and Stansted, I might now be just a little concerned...
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I understand that the operational aspects of the TBI take over will be managed by Aena (The Spanish airport operator). Abertis are providing the money, Aena therefore will be represented at Belfast, Cardiff and of course Luton. Aena is like a combined nationalised BAA & NATS, so they must know their stuff!
My guess is that if the concession agreement between Luton Borough Council and the new Luton operator can be extended, long-term infrastructure developments will occur, so the BAA may well be worried! Now will the surrounding airports, airspace and its procedures be able to cope with 'giant' Bedfordshire airport in an equitable manner, I am sure that Aena will be 'on the ball' here? Some interesting times ahead thinks Buster!
My guess is that if the concession agreement between Luton Borough Council and the new Luton operator can be extended, long-term infrastructure developments will occur, so the BAA may well be worried! Now will the surrounding airports, airspace and its procedures be able to cope with 'giant' Bedfordshire airport in an equitable manner, I am sure that Aena will be 'on the ball' here? Some interesting times ahead thinks Buster!
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Personally, I think that AENA, being something of an 'expert' in this field will put things under a spotlight. Hope all those charged with Luton's traffic & 'local' airspace management, etc., will have some credible answers ready...
Glad I'm not one of them!
Also glad that I don't have shares in BAA Stansted...
Glad I'm not one of them!
Also glad that I don't have shares in BAA Stansted...