Romanian Govt Cancels Bucharest Airports Merger To Allow Bourse Listing

The government made this decision after Transports Ministry required the annulment of the normative act appealed in court to avoid halting the listing on teh stock market of stakes in the two airport companies.

"The merger was blocked by the appeal in court filed by Aviatia Utilitara Company and the government had to cancel it Wednesday to allow the listing on the bourse of the Otopeni Airport," sources within the ministry told MEDIAFAX.

The government approved the decision to set up a national airport company in March 2007, and the request in this respect was submitted to the National Trade Registry Office two months later.

In June 2007, Aviatia Utilitara took legal action in court against the setting up of the airport company and the file is now pending at the Bucharest Court.

Following the appeal in court, a delegate judge with the Ilfov Trade Registry Office suspended the setting up of the national airport company.

The Transports Ministry started procedures to list a 5% stake of Otopeni on the Bucharest Stock Exchange and selected a broker to handle the operation.

The auction documentation can be bought as of Thursday, March 6, and the deadline for the submission of bids was set for March 28.

Bucharest’s international airports Henri Coanda-Otopeni and Baneasa – Aurel Vlaicu have 80% of their shares in the hands of the Transports Ministry, while investment fund Fondul Proprietatea owns a 20% stake.