Morrison & Co pulls out of Stansted race: report

Last updated 16:39 09/01/2013

Related Links

Morrison & Co in Stansted airport bid - sources

Relevant offers

Industries

Demand for builders heats up Heart of the City paid $800,000 in contractor fees Orion Health share fall on lower cash flows Tourism Radio NZ seeks to crowdfund $350K Resort plans for two Auckland islands Prime News redundancies confirmed Picton firm N-Viro supplies parts for floating superstructure Wynyard Group confirms it undershot revenue target Chinese tourists flock to NZ Migration boom tops 50,000 for first time

A consortium led by New Zealand investment manager Morrison & Co has pulled out of the running for London's Stansted Airport after failing to secure bank financing for its offer, Britain's Daily Telegraph newspaper reported.

Its withdrawal ahead of the January 16 deadline for final offers has left just two bidders in the running: Manchester Airports Group (MAG) and Macquarie, the newspaper said.

The Daily Telegraph said that the Morrison consortium included New Zealand funds Infratil and the New Zealand Superannuation Fund, as well as Australia's Retail Employees Superannuation Trust.

The consortium's banks had balked at the potential risks of funding a bid for a regulated airport that is largely reliant on low-cost Irish carrier Ryanair, which is responsible for 70 per cent of Stansted's traffic, the paper said.

Ferrovial - operator of Europe's biggest airport, Heathrow - which is selling Stansted, and Morrison were not immediately available to comment.

Ad Feedback

- Reuters

Special offers

Featured Promotions

Sponsored Content