Spain seeks to privatise up to 60 percent of Aena

Spain is seeking three to five core investors to buy 20 percent to 30 percent of debt-burdened state airport operator Aena and may then float further shares to leave as much as 60 percent of the company in private hands, according to an official report. The Privatisation Consulting Council (CCP) study made public on Monday was commissioned by Aena to assess the legal basis for the government's privatisation plan. Details of the plan were unknown until now.
Investment bank Lazard and Spain's N+1 brokerage have been hired to help line up investors for Aena. However, sources close to the process said there was a slim chance of meeting the government's goal of a deal early next year unless Madrid's Barajas airport, which represents 20 percent of Aena's income, can turn around a decline in traffic. Spain has struggled for years to privatise Aena, which operates 46 Spanish airports and London's Luton and has stakes in 14 Latin American airports. The last attempt was cancelled in 2011 as Spain's deep economic and fiscal crisis made it difficult to get a good price.