Infratil shareholders approve Glasgow Prestwick takeover

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New Zealand-based infrastructure and utilities investment group Infratil has secured shareholder approval for its planned takeover of Glasgow Prestwick International Airport in Scotland.

Infratil says shareholders approved the proposal to take full ownership of the airport at a special meeting in Wellington yesterday. The company already holds 77.3% of Glasgow Prestwick but late last year agreed to take full ownership through the purchase of Utilco Investment Trust’s 5 million shares in holding company Glasgow Prestwick Holdings.

Infratil originally agreed to pay £11.7 million ($21.3 million) for the shares but earlier this month said it would pay £10.3 million, after revealing that the airport’s profits for the year ending 31 March 2004 would be lower than expected.