This is an automated archive made by the Lemmit Bot.
The original was posted on /r/worldnews by /u/3kOlen on 2023-12-10 14:09:14.
Saudi Arabia could take ‘effective majority control’ of London Heathrow
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
The oil-rich state’s Public Investment Fund (PIF) allied with private equity investor Ardian to announce the purchase of a 25% stake in the airport last month from Ferrovial, the Spanish infrastructure giant that had been the primary owner of Heathrow for 17 years.
Under the terms of the airport’s shareholder agreement, other investors – including international pension funds with total holdings approaching 35% – are entitled to sell at the same price, which values Heathrow at about £9.5bn, seen as a generous valuation.
The other three investors are pension funds from Canada, Australia and the UK: the Caisse de dépôt et placement du Quebec, the Australian Retirement Trust, China Investment Corporation and Universities Superannuation Scheme, who all did not comment.
Moves towards Saudi control of Heathrow could prove controversial, although the UK has been far more relaxed about Middle Eastern power over ports than, for example, the US previously had been.
PIF is controlled by Saudi Arabia’s crown prince, Mohammed bin Salman, whose government has been accused of numerous human rights violations.
The airport has been locked in ongoing difficulties in pushing through its proposed expansion, with legal battles against its planned third runway and the immediate imperative lessened with traffic still below 2019 levels.
The original article contains 482 words, the summary contains 205 words. Saved 57%. I’m a bot and I’m open source!