SYDNEY, July 5 (Reuters) - A group of infrastructure investors has proposed one of Australia's biggest-ever buyouts, a A$22.26 billion ($16.7 billion) purchase of Sydney Airport Holdings. Qantas wants Australians to be able to board international flights from December while Air Canada has announced it will re-start flights to Australia for vaccinated travellers, revealing plans to resume Sydney-Vancouver flights on December 17. 2014 Sydney Airport Tax Statement Guide. Its stock soared 34 per cent on Monday to close at $7.78, its highest level since February 2020. It would also rank as the eighth-biggest deal globally this year and the second-largest airport purchase, behind the $30.2 billion buyout of Britain's Heathrow Airport in 2006. Our Standards: The Thomson Reuters Trust Principles. SYDNEY, Aug 16 (Reuters) - Sydney Airport Holdings Pty Ltd (SYD.AX) on Monday rejected an improved A$22.80 billion ($16.81 billion) bid from a group of infrastructure investors, saying. UniSuper said it saw merit in the airport being converted from a publicly listed company to an unlisted company and that it had a favourable view of the consortium partners. Australia's mandatory retirement savings system, known as superannuation, has assets of A$3.1 trillion, according to the Association of Superannuation Funds of Australia. Sydney Airports SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Mr Pinn also argues that privatisations and takeovers of the nations infrastructure assets are not fairly redistributing wealth among Australians because many of the funds buying them are foreign entities that take advantage of tax havens. We also make a significant contribution to our local and national economies, generating $38 billion in economic activity a year. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. This Master Plan is renewed every five years. Help using this website - Accessibility statement, raised their indicative takeover offer to $8.75 per share, Qantas wants Australians to be able to board international flights. Operational efficiency and continuous improvement, Cyber security, technology and innovation. Sydney Airport shareholders were poised on Thursday to approve a A$23.6 billion ($16.8 billion) cash takeover by infrastructure investors, though many small retail investors voted against delisting Australia's only listed airport.. The consortium has not declared its offer to be final, which leaves the door open for negotiations for a higher price. For any questions about your past Sydney Airport Securityholdings, please contact Computershare Pty Ltd (Sydney Airports security registry) by calling +61 (0)3 9415 4000 or 1300 850 505 (within Australia). All quotes delayed a minimum of 15 minutes. Trading volumes in the stock, which typically average around 7 million shares, also trebled, hitting their highest levels since the airport was first approached by the IFM consortium in early July. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The bank has raised its price target on the stock to $8.75 per share from $8.45 per share. its final regulatory approvals in December. Planned improvements to the ground transport network to accommodate increased passenger, visitor, staff and freight traffic requirements to 2039 are also included. But while believing most shareholders would accept a formal bid of $8.75 per share from the consortium, particularly short-term investors like hedge funds and arbitrage funds, Mr Clark said the airports long-term investors would miss out on an expected revival in flights due to pent-up demand for travel. Our sustainability strategy responds to a changing world, and to the challenges and opportunities that shape business in Australia and globally. Theres a lot more value in this asset than the market has been ascribing, Mr Clark said. Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. See our Response to the TCFD Recommendations for our detailed disclosure against its framework. SYDNEY -A group of infrastructure investors has proposed one of Australia's biggest-ever buyouts, a A$22.26 billion purchase of Sydney Airport Holdings Pty Ltd, taking a longer-term view on the. While many big investment funds plan to accept a cash offer of $8.75 per share from a consortium led by IFM Investors and New Yorks Global Infrastructure Partners, five small investors have now gone public to say that they will reject it. Jarden analyst Anderson Chow raised his 12-month target price on the airports stock to $8.50 from $7.60 amid expectations the consortiums revised bid will be successful. A successful deal would bring its ownership in line with the country's other major airports which are owned by consortia of infrastructure investors, primarily pension funds. The indicative price is below where Sydney Airports security price traded before the pandemic.. The biggest deal belongs to Westfield Corporation, which was acquired in a cash and scrip deal in 2018. Within Master Plan 2039, the Airport Development Plan outlines options to improve to the airfield, aviation facilities, terminals and infrastructures to support the forecast increase in passenger numbers and aircraft movements to 2039. See an overview of Sydney Airport including performance highlights. It has valued the airports equity at up to $24 billion, including the potential value of commercial property development, and deducted almost $50 million of liabilities plus another $28 million that would be used to pay out performance rights if the deal succeeds. It also outlines the commercial property opportunities that exist in the landside areas of the airport that are complementary to aviation operations and provide economic growth for the local economy. Air traffic controllers had an average 20 shifts off at short notice last year. See Section 7.1 of Master Plan 2039 for more information. UniSuper, which also holds stakes in Adelaide and Brisbane airports, said it was not a consortium partner nor privy to any details outside information disclosed publicly. IFM, Global Infrastructure Partners and QSuper all have existing investments in airports. Sydney Airport Trust 1 (SAT1) is an Attributed Managed Investment Trust (AMIT) for the purposes of Subdivisions 12A-A of Schedule 1 of the Taxation Administration Act 1953. It is an essential piece of the transportation network connecting Sydney to over 100 regional, national and international destinations. Their offer is contingent on UniSuper, Sydney Airport's largest shareholder with a 15% stake, agreeing to reinvest its equity interest for an equivalent equity holding in the consortium's vehicle. The United Nations Sustainable Development Goals (SDGs) seek to address the most significant challenges our world is facing today. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Trading volumes of Sydney Airports shares have soared as some investors sell the companys stock and take profits rather than wait for a formal $23.6 billion takeover bid to land. The goal of this regulation is to create harmonised rules for financial market participants and financial advisers regarding the integration of sustainability risks in investment decision-making, and the consideration of adverse impacts Follow the topics, people and companies that matter to you. Ben Clark, TMS Capital portfolio manager. We are absolutely disgusted by the boards narrow view of a monopoly (if not oligopoly) business and their absolute failure to consider the long-term position, Mr Robilliard said. It is understood IFM Investors . IFM Investors has secured access to Sydney Airports books with a revised bid valuing the airport owner at more than $32 billion. They pay higher fees than domestic travellers and also spent more money at airport shops. Sydney Airport is one of Australia's most important pieces of infrastructure. International travellers are far more lucrative than domestic travellers for the airport because the fees charged on international passengers are much higher, and they spend more money at airport shops. . Understanding and embracing change will shape our future and drive our strategic thinking. The Sydney Airport investor who will vote against a sale Jenny Wiggins Infrastructure reporter Sep 22, 2021 - 5.10pm Some Sydney Airport investors plan to vote against a proposed $23.6 billion. read more. The June COVID-19 outbreak in Sydney has stopped domestic travellers flying in and out of the airport. Both sides of the deal have spent ample time talking to Sydney Airports institutional investors. In Sustainalytics opinion, the loan aligns with the Loan Markets Associations Sustainability Linked Loan Principles. Shareholders in Sydney Airport have voted in favour of a takeover bid led by IFM Investors and Global Infrastructure Partners that will see the business delist from the Australian Securities Exchange in a deal worth A$23.6 billion ($16.7 billion; 14.6 billion). Help using this website - Accessibility statement. This is perhaps where a bid offers investors with some valuation uncertainty.. 2021 half year. Operational efficiency and continuous improvement, Cyber security, technology and innovation. QSuper owns about 11 per cent of Londons Heathrow Airport as well as stakes in Edinburgh Airport and Brisbane Airport. Ben Clark, portfolio manager at TMS Capital which has owned the airports shares for a decade and currently has a stake of less than 1 per cent, said the takeover bid highlighted the short-term focus of some investors that had sold shares after COVID-19 broke out and most air travel stopped. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The Sydney Airport board recommended shareholders vote to accept the offer. The industry leader for online information for tax, accounting and finance professionals. Help using this website - Accessibility statement, The takeover parties are offering $8.75 per share, for preventing the double taxation of investors, has been backed by some institutional investors, proposed cash and stock takeover of AusNet Services, But an earlier $9.6 billion all-cash bid by Canadas Brookfield Infrastructure. Some Sydney Airport investors plan to vote against a proposed $23.6 billion takeover if it goes ahead, arguing that mega funds like IFM Investors are forcing smaller shareholders out of good Australian companies. It has not made a final decision. There doesnt seem to be too much of a control premium being placed into this price and really youre getting less than you could get two years ago, he said. He is based in Sydney. IFM, QSuper, Global Infrastructure Partners behind offer, Cash offer at 42% premium to last closing price on Friday, Offer contingent on UniSuper reinvesting 15% equity stake. SYDNEY (Reuters) - A group of infrastructure investors has proposed a A$22.26 billion ($16.7 billion) buyout of Sydney Airport Holdings Pty Ltd, the operator of Australia's biggest. See the Construction and development on the airport page in the Environment section of our website for more detail on our management approach to development on airport lands. 2020. 2008 MAp Tax Statement Guide. We know that getting a rail link to the airport is important. The consortium is understood to be happy with the airports management team and said it was not planning on making substantive changes to services, operations or target credit ratings. Mr Pinn wants the competition regulator to focus on the bigger picture if a Sydney Airport transaction which has been backed by some institutional investors proceeds and examine how a small group of people are gaining influence and control over Australias airports. UniSuper would have a 15 per cent stake and QSuper would have a 7.5 per cent stake. To read about our performance in this area see our Sustainability Report. The requirements within these guidelines are informed by Sydney Airports sustainability policy, strategy and commitments and the master planning process. International Terminal 1 3:00am - 11:00pm, Domestic Terminal 2 & 3 4:00am - 11:00pm. Sydney Airport acknowledges the Traditional Custodians of the lands, waterways and skyways where we work and in which we live. James Brickwood. We pay respect to Elders past, present and emerging, and recognise the continuation of cultural, spiritual and educational practices of First Nation peoples throughout Australia. The proposal comes as record-low interest rates prompt pension funds and their investment managers to chase higher yields. Sydney Airport is one of Australias most important pieces of infrastructure. REUTERS/Steven Saphore. More small investors in Sydney Airport are publicly venting their opposition to the companys proposed $23.6 billion takeover as a vote on the deal looms in early February, arguing its board is taking a short-term view. Analysts also believe the $8.75 per share offer is fair. London, England, United Kingdom , Australia Sydney NSW. If acquired by the consortium, Sydney Airports ownership would be dominated by IFM, which will hold the asset in both its Australian and global funds, and GIP. The Scheme Consideration was paid out on the implementation date, Wednesday 9 March 2022. For questions on your past Sydney Airport Securityholdings, please contact Computershare Pty Ltd. Information for securityholders on the Sydney Aviation Alliances acquisition of Sydney Airport. The airport also makes a significant contribution to the local and national economies. The bid comes after two earlier proposals were rejected for $8.25 and $8.45 per share. We pay respect to Elders past, present and emerging, and recognise the continuation of cultural, spiritual and educational practices of First Nation peoples throughout Australia. Sydney Airport's SLL represents the first syndicated SLL in Australia, largest syndicated SLL across the Asia Pacific and largest syndicated airport SLL globally. 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