Federal Ministry initiates approval proceeding for Flughafen Wien Aktiengesellschaft public offer
Airports Group Europe S.à r.l. (“Airports Group Europe” or “Bidder”), an indirect subsidiary of IFM Global Infrastructure Fund (“IFM GIF”), announces that the Federal Ministry for Labour and Economic Affairs has initiated an approval proceeding for its offer for further shares of Flughafen Wien Aktiengesellschaft, pursuant to section 7 of the Austrian Investment Control Act.
On 11 August 2022, Airports Group Europe published a voluntary partial public offer pursuant to §§ 4 et seq of the Austrian Takeover Act for the acquisition of up to 8,399,990 ordinary bearer shares of Flughafen Wien AG admitted to trading on the Vienna Stock Exchange (Prime Market) under ISIN AT00000VIE62 (the "Offer").
The initiation of an approval proceeding is common practice when it comes to critical infrastructure companies. As part of this process, it will be determined whether the implementation of the Offer could pose a threat to security or public order.
Airports Group Europe continues to expect that all regulatory approvals will be granted as Airports Group Europe would not gain any additional control rights over Flughafen Wien AG as a result of the Offer and as IFM GIF is a long-term, experienced and responsible investor.
To accommodate the expected approval proceeding timeframe, and subject to the non-prohibition by the Takeover Commission, Airports Group Europe intends to extend the deadline for the fulfilment of the conditions precedent so that they can still be fulfilled after the end of the acceptance period.
Airports Group Europe will publish an update on this matter in due course. The offer itself will continue to be open for acceptance until 6 October 2022.
Quote attributable to IFM Investors Executive Director Infrastructure, Werner Kerschl:
"The decision by the Ministry to initiate the approval proceeding is common practice in matters such as these and we look forward to supporting this process.”
“As Airports Group Europe is not acquiring a controlling influence as a result of the Offer and as we are a long-term, experienced and responsible investor, we continue to expect that all regulatory approvals will be granted.”
“We believe that the Offer of EUR 33.00 per share represents an attractive premium for shareholders considering the continued high levels of uncertainty for the aviation industry in light of the increasingly negative economic outlook and provides a liquidity event for shareholders to tender their shares in an otherwise relatively illiquid stock.”
“We remain committed to working with all stakeholders of Flughafen Wien in the interests of local communities, passengers, airline customers, employees and the broader economy.”
A dedicated share offer website (www.Vienna-Airport-Share-Offer.at) has been set up for the offer, where shareholders can find the offer document and other information about the offer, Airports Group Europe, IFM GIF and IFM Investors.
IFM GIF is advised by IFM Investors, a global infrastructure specialist owned by Australian pension funds. IFM Investors invests on behalf of more than 600 institutional investors, incorporating the retirement savings of 120 million working people globally,including nurses, teachers, retail and construction workers and hospitality staff.
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About Airports Group Europe
Airports Group Europe is a limited liability company registered in Luxembourg under B 167449.
About IFM GIF
IFM Global Infrastructure Fund ("IFM GIF") is an independently managed open-ended global infrastructure investment fund.
IFM GIF’s investors include a diverse range of pension funds and institutional investors across the UK and Europe, Australia, the US, Canada and Asia. IFM GIF has a 17-year track record investing in assets around the world with 20 current portfolio investments spanning airports, seaports and toll roads, as well as energy, water and telecommunication assets.
IFM GIF’s airport experience includes investments in Flughafen Wien Group (Vienna, Malta and Košice airports), Manchester Airports Group (Manchester, London Stansted and East Midlands airports) and Sydney Airport.
IFM GIF is advised by IFM Investors Pty Limited ("IFM Investors").
About IFM Investors
IFM Investors was established more than 25 years ago with the aim to protect and grow the long-term retirement savings of working people. Owned by a group of Australian pension funds, the organisation has €122 billion under management as at 31 March 2022.
IFM Investors is one of the largest global infrastructure investment managers with more than €58 billion (as at 31 March 2022) invested across a range of infrastructure assets.
IFM Investors has significant experience in working alongside municipalities and public entities, and has been involved, as manager or advisor, in investments across 17 different airports in Australia, the United Kingdom, Austria, Malta, Slovakia and Latin America.
As a signatory to The United Nations-supported Principles for Responsible Investment, funds managed or advised by IFM Investors actively engage on ESG issues with the companies in which they invest with the aim of enhancing their net performance while minimising investment risk.
Operating globally from offices in Melbourne, Sydney, London, Berlin, Zurich, Amsterdam, New York, Hong Kong, Seoul and Tokyo, IFM Investors manages investments across infrastructure, debt, listed equities and private equity assets. For more information, visit www.ifminvestors.com.