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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

AustralianSuper’s Sydney Airport bid grounded

Posted on 16 September 2013

A consortium led by the $60 billion AustralianSuper Fund and the Kuwait Investment Authority has been forced to put on hold a planned takeover of Sydney Airport as the company’s shares strengthen with rising global demand for safe infrastructure assets and a proposal to lift its foreign ownership threshold.
The AustralianSuper board is understood to have begun discussions with the Kuwait Investment Authority and other Middle Eastern sovereign wealth funds and Canadian pension funds last year. While the AustralianSuper consortium was very interested when the airport’s shares were trading at around $3 earlier this year, the stock’s 25 per cent rise since a low of $3.05 in mid-January makes any deal very difficult in the short term. One Sydney Airport investor said shareholders would be looking for more than $4 a share………………………………………..Full Article: Source


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