Vinci launches bid for airports group TBI

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The global airport scene took a new turn today as French construction group Vinci launched a £516m ($738m) hostile bid for UK airports operator TBI, a day after it said it was considering such a move. Vinci said it had acquired a 14.9% stake in TBI from an unidentified institutional investor and that it was planning to make a cash offer for the outstanding shares.

TBI is the majority owner of London Luton airport plus Cardiff and Belfast in the UK and Orlando Sanford in the US, Stockholm Skavsta in Sweden and three airports in Bolivia. It also holds airport management contracts in the US and Canada.

In a statement, Vinci said its airport concessions business, part of the Vinci Concessions division, has been identified for expansion. Vinci's other divisions include road infrastructure and other large infrastructure projects such as bridges and the Stade de France stadium, car parks management, energy and information.

Last July Vinci merged with French rival Groupe GTM, which in turn has a 34% stake in the Aeroports de Paris (ADP) subsidiary ADP Management. Jointly Vinci GTM is already involved in 25 airports including Grupo Aeroportuario del Pacifico of Mexico and is involved in airport bids for Oman and Luxor with ADP.