Aviation officials in rival Australian airports bid
SYDNEY, Sep 20 (Reuters) - A group of senior aviation executives under the name Global Airports on Sunday announced a proposal to take over the management of Australia's Macquarie Airports(MAP.AX).
The proposal emerged 10 days before a vote on a plan for Macquarie Airports to become a stand-alone entity, and pay investment bank Macquarie Group MCQ.AX A$345 million ($300 million) for its management rights.
Under the rival plan, Macquarie Group would not be paid anything, Global Airports said.
The plan would be cheaper, offered a "clean and decisive break" with Macquarie Group and should be on the table at the meeting on September 30, Global Airports said.
Macquarie Group said it was aware of the rival proposal, but understood that Macquarie Airports did not intend to pursue it.
"The directors consider it too risky and it doesn't stack up against the current one," a spokeswoman for Macquarie Group told Reuters.
Macquarie Airports has stakes in airports in Sydney, Brussels, Copenhagen and in Mexico.
In July, it announced it would become a stand-alone entity, one of several funds managed by Macquarie Group to make similar moves amid the global downturn. That has raised doubts about whether the specialist listed funds model pioneered by the investment bank will survive.
(Sydney Newsroom +612 6273 2730)(A$1=$0.87)
(Editing by Ron Popeski, Asia Desk, Singapore, +65 6870 3815) Keywords: AUSTRALIA MACQUARIE/
(C) Reuters 2009. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nSP468578
