- February 28, 2014
- By: admin
Airports group Aena delays filing of
MADRID (Reuters) State owned Spanish Canada Goose sale airport operator Aena has postponed filing the prospectus for its planned $10 billion (6.22 billion pounds) stock market listing until next week, an official said on Friday, after the Madrid bourse regulator said it needed more information.
A passenger carries Canada Goose Online her belongings at Madrid’s Canada Goose online Barajas airport October 18, 2013. REUTERS/Sergio Perez
The sale of a 49 percent stake in the world biggest airports operator has been flagged as the largest initial public offering in Europe this year and a litmus test canada goose uk black friday for domestic investor faith in an economic recovery.
canada canada goose outlet goose outlet locations in toronto If it goes ahead, it will be the first time that part of a share offering on the Madrid stock exchange will be directed at retail investors since the 2011 listing of lender Bankia, which was bailed out by the government a year later. canada goose outlet locations in toronto
operation is moving forward. There is no problem with investor demand, an Aena official told Reuters, adding that the prospectus would be filed next Friday.
The group is sticking to its planned stock market debut on Nov. 12, but would have a shorter offering period and roadshow than first envisaged as a uk canada goose outlet result of the one week delay, he said.
canada goose outlet in canada they have to bring a series of documents and they haven presented all of them, a spokeswoman for Spain stock market regulator said on Friday. canada goose outlet in canada
canada goose outlet reviews It canada goose uk shop also needs government approval to go ahead with the listing. The Aena official said the green light is expected to come at the government weekly cabinet https://www.getcanadagooseoutlet.com meeting next Friday. canada goose outlet reviews
Aena, which operates airports in Spain and Latin America and will soon hold a majority stake in the UK Luton airport, is expected to list at a premium to its European peers.
Earlier on Friday, a cheap canada goose uk report from the public body canadian goose jacket advising the government on privatisations showed a preliminary price canada goose coats range for Canada Goose Outlet the sale at between 41.50 euros and 53.50 euros a share, implying a market value of between 6.2 billion euros (4.88 billion pounds) and 8 billion euros.
canada goose outlet ontario HIGH VALUATION The Spanish government had initially considered a 5 billion euro valuation canada goose black friday sale for Aena but three core shareholders chosen this month put it at 7.3 billion euros to 8 canada goose uk outlet billion euros. canada goose outlet ontario
canada goose outlet store uk The group has undergone a huge overhaul to ready itself for privatisation and its 2013 profit of 597 million euros was its first since the start of the financial crisis. The company debt stood at 12 billion euros at the end of last year. canada goose outlet store uk
Based on these figures, Aena would have an enterprise value of between 18.2 billion euros and 20 billion euros, or 11.7 to 12.8 times 2013 earnings before interest, tax, depreciation and amortisation (EBITDA).
That would be higher than the group main European competitors, with Germany Fraport valued at 10.7 times EBITDA at the end of last year and France ADP valued at a multiple of Canada Goose Parka 10.5, Thomson Reuters data show.
The top range of the valuation is also higher than the price offered by two of three core shareholders, which are set to buy a combined 21 percent of the company.
canada goose outlet legit Ferrovial offered 48.66 euros per share, while British fund TCI offered 51.6 euros per share. The third core shareholder, Corporacion Financiera Alba, offered a price of 53.5 euros per share. canada goose outlet legit
According to the report, 90 percent of canada goose the offering will be reserved to institutional investors, while 1 percent will be earmarked for Aena employees and the remaining 9 percent will go to retail investors.
canada goose outlet black friday The firm hopes to lure investors with the commitment to pay half its profit in dividend. canada goose outlet black friday
canada goose outlet los angeles A recent recovery in passenger traffic after Spain returned to growth last year following a long recession, a booming tourism sector, higher navigation tariffs and a reduction in group costs have also backed the sale. canada goose outlet los angeles
canada goose factory outlet But a cheap Canada Goose one year lock up period imposed by the state, a lack of political visibility over the future public ownership of the operator as well as restrictions on the shareholders capacity to influence the canada goose coats on sale firm strategy were also a drag for many potential investors. canada goose factory outlet
canada goose clothing uk Additional reporting by Robert Hetz and Andres Gonzalez; Writing by Tracy Rucinski; Editing by David Clarke and Elaine Hardcastle canada goose clothing uk.