Bid for Sydney airport on the runway
A consortium of superannuation-related giants have lobbed in an unsolicited bid to buy Australia’s busiest airport. They want a look at the books before committing, but the $22 billion offer amounts to $8.25 a share. That was 42% higher than the company’s share price at the end of last week but in the range of what it was pre-pandemic. That sent the company’s share price up 33% to $7.78 yesterday. If the bid is successful, it will become one of the country’s biggest company buyouts. For their part, Sydney Airport said the offer was too low and that the impacts of the pandemic will be “short-term”, so investors shouldn’t be dazzled. Sydney Airport is renowned for being one of the most expensive for airlines and travellers in the world. That was an issue when we could travel if you can remember that far back…
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