Bercy decided to launch a third round of betting to decide between offers made by Vinci and Macquarie Australia.
financially, the sale by the State of its shares in the airports of Lyon and Nice is already a success. The best offers that were filed last Monday at the Agence des participations de l’État (APE) give hope to Bercy to cash in about 1.6 billion euros thanks to these two operations. An oxygen tank in anticipation recapitalizations ahead of Areva and EDF (8 billion euros in total). Still, the process of privatization of the two airports, politically highly sensitive, is still far from complete. In the platform of Lyon, Bercy, who refrains from comment, decided to launch a third round of betting to decide between offers made by Vinci, associated in particular with the Deposit and Predica, and the Australian Macquarie, associated with the Peugeot family. The first would be to stage best bidder financially. Final bids are expected Tuesday.
Nice, Vinci would however slightly less generous than the Italian Atlantia, with EDF Invest. Both deals, which fly with multiples of valuation much higher (20 to 21 times EBITDA) than those found for Toulouse airport there a year, would be held in a handkerchief. That leaves two options at Bercy. Either the state now choose between the two proposals. It has in this case the flexibility to meet the classification resulting from the proposed price or prefer other non-financial criteria. Either he raises a third round of betting. At Bercy, one is apparently given a few more hours of reflection.
I must say that the issue is not just financial. It is also very political in terms of both operations of infrastructure privatizations in which local communities are attached. At Nice in particular, the mayor, Christian Estrosi, posted his reluctance. A new session of consultation of local authorities in Lyon and Nice is scheduled for midweek. The Commission of interests in and transfers, policeman smooth procedures, is it convened the following week.
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