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BA manager lowers capital by Ft 484 bln

Budapest Airport Zrt (BA), voted in a recent extraordinary general meeting to lower its capital by Ft 484.6 billion to Ft 20 million, daily Napi Gazdaság reported.

The move is seen as part of an ongoing takeover of BA by Germany’s Hochtief AG, the manager of Hungary’s largest international airport in Budapest. Hochtief agreed to buy Budapest airport from BAA Plc, the owner of BUD Holding, last October, less than a year after losing out in a bidding contest for Hungary's largest airport. The German builder will own 50% of the airport, while its partners Caisse de Depot et Placement du Quebec, Canada's largest pension-fund manager, and KfW, Germany's state-owned development bank, will own the rest of the stake. (Napi Gazdaság)