Sydney Airport has rejected a $17bn takeover offer from a consortium of investors as it told shareholders it was set to capitalise on a rebound in air travel, underscoring a surge in interest in Australia’s infrastructure assets.
The rejection of the takeover approach, one of the largest in Australian history, comes despite the country being largely isolated internationally with its borders closed to non-residents due to coronavirus and strict caps on flights.
The approach has also coincided with a hunt for infrastructure deals by investors including pension funds and other institutions seeking higher returns.
Sydney Airport’s board said on Thursday the proposal by Australian pension funds and US-based Global Infrastructure Partners was “opportunistic” and undervalued the country’s busiest international gateway
Source: Financial Times
By Jamie Smyth
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