The Australasian consortium led by New Zealand investment
management company H.R.L Morrison & Co. has dropped out of the
bid for London's Stansted airport after it didn't manage to secure
bank finance for its offer, The Daily Telegraph newspaper reported
Tuesday on its website.
The consortium's banks balked at the potential risks of funding
a bid for a regulated airport heavily reliant on Irish low-cost
airline Ryanair Holdings PLC (RYA.LN), which is responsible for 70%
of Stansted's traffic, the report said.
With Morrison's exit from the auction ahead of the Jan. 16
deadline for final offers, the bid for Stansted is likely to be
between Manchester Airports Group--which is bidding jointly with
Australia investment firm Industry Funds Management--and Australian
company Macquarie Group Ltd. (MQG.AU), the report cited a banker
familiar with the bid as saying. Malaysia Airports Holdings Bhd
(5014.KU) might still bid, but it is currently considered an
outsider, the report added.
None of the parties involved would comment, the report said.
Full story:
http://www.telegraph.co.uk/finance/newsbysector/transport/9789058/Two-main-bidders-for-Stansted-after-Australasians-pull-out.html
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