Denmark to Pay $4.5 Billion for Majority Stake in Copenhagen Airports

By Dominic Chopping

Denmark has agreed to pay around 32 billion Danish kroner ($4.54 billion) to increase its stake in Copenhagen Airports to 98.6%, the country's finance ministry said Monday.

After a cross-party agreement, the Danish government said it plans to buy a 59.4% stake in the airport operator from Danish pension fund ATP, adding to the 39.2% it already owns.

Shares in Copenhagen Airports rose as much as 53% in afternoon trade.

Copenhagen airport makes a significant contribution to Denmark's international accessibility and the acquisition will allow the government to take a greater role in its future, Minister of Finance Nicolai Wammen said.

"In this way, we ensure that the airport will continue to have a responsible and long-term ownership group in the future, and we will ensure that the airport, as a central Danish infrastructure and one of Denmark's largest workplaces, will continue to contribute positively to the Danish economy, Danish business and Danish jobs."

Following closure of the deal, the government will work to reduce the state's ownership stake to 50.1% over time through divestments.

If the deal completes, the government said it will be required to launch a mandatory offer to remaining shareholders, which will be priced at the same level as the offer for ATP's shares. At the moment, it doesn't intend to seek a delisting of the company.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

12-02-24 0802ET