AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

Københavns Lufthavne

M&A Activity Jun 20, 2007

3371_iss_2007-06-20_0d77509d-f064-4411-a263-0bbf2aa243a4.pdf

M&A Activity

Open in Viewer

Opens in native device viewer

Copenhagen Airports A/S

Box 74 Lufthavnsboulevarden 6 DK-2770 Kastrup

Contact: Deputy CEO Torben Thyregod

Tel. +45 32 31 22 31

Company reg. no. 14707204

Announcement to the Copenhagen Stock Exchange

2007/10 19 June 2007

Copenhagen Airports A/S sells part of its ownership in ASUR

As a part of Copenhagen Airports A/S's ("CPH") strategy to focus its activities on the development and operation of the airport in Copenhagen, CPH announced on 30 March 2007 (announcement 2007/5) its intention to divest up to a 6.10% interest (out of its total 9.85% interest) in the listed Mexican airports operator Grupo Aeroportuario del Sureste, S.A.B. de C.V. ("ASUR") in connection with a public offer for 42.65% of the shares in ASUR made by our local Mexican partner, Mr. Fernando Chico Pardo ("FCP"). ASUR is listed on the New York Stock Exchange and on the Mexican Bolsa.

As part of this intended divestment, CPH has now sold a 3.60% indirect owned stake in ASUR in connection with a de-merger of Inversiones y Técnicas Aeroportuarias, S.A. de C.V. ("ITA") made on 19 June 2007. A new company, Agrupación Aeroportuaria Internacional, S.A. de C.V. ("AAI"), was created by the de-merger of ITA. Out of ITA's 15% ownership stake in ASUR 7.35% was spun off to AAI at the de-merger. CPH owns 49% and FCP owns 51% of ITA which retains the remaining 7.65% ownership stake in ASUR. ITA continues as the strategic partner to ASUR and remains a party to the Technical Service Agreement with ASUR.

Immediately following the de-merger of ITA, CPH has sold its full 49% stake in AAI to FCP for a total amount of DKK 306 million (MXN 597 million). The sales price corresponds to an underlying price per ASUR share of MXN 55.25, which is equal to FCP's tender offer price. CPH expects to pay capital gains tax of approximately DKK 28 million (MXN 55 million) due to this transaction. The effect on CPH's profit after tax result for 2007 due to the sale of AAI shares is estimated to be DKK 38 million.

FCP's public offer for 42.65% of the shares of ASUR expired 19 June 2007. In accordance with the 2007/5 announcement, CPH has tendered its 2.5% direct ownership in ASUR into the public offer. The sale of the 2.5% direct ownership in ASUR will generate proceeds of DKK 212 million (MXN 414 million) and will affect the profit after tax result for 2007 with approximately DKK 70 million.

The divestments effect on result after tax is in line with expectations.

The proceeds from the transactions will primarily be used to repay debt and fund future capital expenditure in Copenhagen Airport.

COPENHAGEN AIRPORTS A/S

Talk to a Data Expert

Have a question? We'll get back to you promptly.