Ferrovial gets ‘spontaneous’ offers for Naples airport

The Spanish infrastructure group has received several offers for its 65% stake in Naples airport in a deal that could net the company up to €200m.

Ferrovial, the Spanish infrastructure group, has received several offers for the sale of its holding in Italy’s Naples airport, a source close to the company said.

These offers were “spontaneous”, the source added, as Ferrovial did not start an official sales process. It is now looking at the possibility of divesting its 65 percent stake in the airport. The stake is owned via UK airports operator BAA and its sale could net Ferrovial between €150 million and €200 million, according to press reports.

The Spanish group is currently selling several assets in a bid to reduce its debt pile, which stood at €22 billion in September 2009. The most important of these is the divestment of a 10 percent stake in Canada’s 407 ETR highway, owned by subsidiary Cintra, which is expected to have little trouble netting the company the €500 million it is reportedly seeking for it. The deal is set to close after this summer.

It is also finalising the sale of a 60 percent stake in Cintra Chile, the country’s largest toll road operator, to Colombian power group ISA for €209 million. However, that deal has been delayed since Chile was struck by an earthquake on February 27, as both parties continue to assess damage from the quake. It is now set to close at the end of this month, both companies said, although they won’t rule out further delays.