Sydney Airport's shareholders have approved a $17 billion cash takeover by a group of investors, clearing the way for one of Australia's largest-ever buyouts
96% of votes back deal, but 20.7% of shareholders againstUniSuper the only investor rolling scrip into unlisted vehicleshareholders approved on Thursday a A$23.6 billion cash takeover by infrastructure investors, though many small retail investors voted against delisting Australia's only listed airport.
The Sydney Airport takeover, one of Australia's biggest-ever buyouts, was backed by 96% of votes cast, but 20.7% of shareholders, representing a stake of 4%, were against the deal in a final voting tally.Several retail shareholders said at a meeting they were disappointed the bid lacked a scrip component as they wanted to stay invested in the company over the long term. One long-term shareholder said he faced a big tax bill from accepting cash.
A flight crew member stands on an escalator in the international terminal at Sydney Airport, as countries react to the new coronavirus Omicron variant amid the coronavirus disease pandemic, in Sydney, Australia, November 30, 2021. REUTERS/Loren Elliott/File Photo After the deal is complete, UniSuper will join IFM Investors, QSuper, AustralianSuper and U.S.-based Global Infrastructure Partners as major shareholders.
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