Argentina's Corporación America has announced that it has launched takeover bids for the companies that operate Italy's Pisa and Florence airports.
The offer was made by Cedicor, which controls Corporacion America and holds a 33.4 percent stake in the company that manages Florence's airport and a 27.3 percent stake in the Pisa airport operator.
Global law firm White & Case LLP is advising on a mandatory offer for the entire share capital of Aeroporti di Firenze S.p.A. , which manages the Florence airport, for a total maximum amount of around €80 million (US$111 million), and on a voluntary offer for the entire share capital of Società Aeroporto Toscano Galileo Galilei S.p.A., which manages the Pisa airport, for a total maximum amount of around €94 million (US$130 million).
Eduardo Eurnekian, CEO of Corporacion America, which manages airports in Argentina (35), Brazil (2), Uruguay (2), Ecuador (20), Peru (6), Armenia (2) and Italy (3), said that the company plans to implement an integrated system between the Pisa and Florence airports.
Pisa International Airport is the main airport in Tuscany. The airport was used by 4,526,723 passengers in 2011. The airport had its own railway station with a service to and from Pisa Central railway station but this was closed on 15th December 2013 to allow construction work to begin on a new fully automatic connection to be known as the Pisa Mover to take passengers to Pisa Central.
Florence Airport is the smaller of the two main airports in the Tuscany region. Since April 9, 1998, Aeroporti di Firenze S.p.A. has had a global concession for managing the airport infrastructures, and it has assumed responsibility for the maintenance and development of Florence Airport.