Argentina's Corporacion America said Wednesday it has launched takeover bids for the companies that operate Italy's Pisa and Florence airports.
The offer to purchase remaining stakes from minority shareholders was made by Cedicor, which controls Corporacion America and holds a 33.4 percent stake in the company that manages Florence's airport and a 27.3 percent stake in the Pisa airport operator.
Corporacion America said in a statement that the takeover bid was mandatory in the case of the Florence airport and voluntary with respect to the Pisa facility.
Corporacion America on Friday increased its stake in Sat, the company that manages the Pisa airport, by acquiring a 3.9 percent interest from the Mps bank.
That was in addition to the 23.4 percent stake the Argentine group acquired in Sat in January.
Separately, Corporacion Argentina on Feb. 27 acquired a 33.4 percent stake in AdF, the company that manages the Florence airport, for 40 million euros ($54.9 million).
"We're looking to implement an integrated system between the Pisa and Florence airports," said Eduardo Eurnekian, CEO of Corporacion America, which manages airports in Argentina (35), Brazil (2), Uruguay (2), Ecuador (20), Peru (6), Armenia (2) and Italy (3). EFE