Macquarie Airports (MAp) will go ahead today with a meeting to get shareholder approval to become independent of its parent, the Australian investment bank Macquarie Group.
This comes after Global Airports, a group that offered an alternative to MAp shareholders, failed in its court application to postpone the extra-ordinary general meeting. Global Airports, which includes the former heads of Melbourne and Copenhagen airports and a fund manager, had said that it could internalise MAp's management at a lower cost.
The MAp independent board committee (IBC) welcomed the court's decision, with its chairman Trevor Gerber saying: "The IBC is pleased that security holders will now have the opportunity to vote on the internalisation proposal. The IBC recommends that security holders vote in favour of the internalisation."
MAp, which operates Australia's biggest air gateway Sydney Airport, came to an agreement with Macquarie earlier this year to internalise its management. It has proposed paying A$345 million ($299 million) for the management rights, and its shareholders are likely to approve the deal at today's meeting.
Earlier this week, the Macquarie Group threatened to pull the plug on the deal if the meeting did not go ahead today, saying that the agreement may no longer be financially viable.
Source: Air Transport Intelligence news