The privatisation of ADR, the company running Rome's two major airports, has taken a step forward with the presentation of binding offers by three industrial groups to state-owned holding company IRI. Bidders will acquire a 51.2% stake and then launch a public offer to buy the remaining shares.

The one surprise was the decision by the Anglo/Italian CIR/BAA group not to make a final bid. The group, which included the Banca di Roma bank and other partners, decided that the conditions imposed by IRI to sell its stake were too rigid to allow the winner to make a profit.

That was not the view of its rivals, with the Gemina group, the Hermes group and the ABN-Amro group delivering their bids on time. IRI is expected to select a winner in the next few weeks.

Source: Flight International