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Potential Budapest Airport sale not to affect terms of privatization, ÁPV says

City

The State Privatization and Holding Rt (ÁPV) will only approve the sale of a 75%-minus-one-vote stake in Budapest Airport Zrt held by the UK's BAA Plc. if the buyer agrees to all of the contractual obligations BAA agreed to when it bought the stake in a privatization deal at the end of last year, acting ÁPV CEO Ákos Macher said on Tuesday.

Macher said he had not been notified of any negotiations on the proposed sale of BAA's stake in Budapest Airport. Hungarian daily Magyar Hírlap last week reported that Frankfurt Airport operator Fraport and German construction company Hochtief had approached the Finance Ministry regarding the sale of the stake. BAA's new owner, Spain's Ferrovial, is in advanced negotiations on selling the rights, the paper wrote.
BAA paid Ft 464.56 billion for a 75-year license to operate the airport, as well as for some of the airport's assets. The price included Ft 60 billion for a 75%-minus-one-vote stake in Budapest Airport, Ft 389.5 billion for the right to operate the airport for 75 years and Ft 15 billion for tangible assets excluding real estate.

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