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MILAN, Feb 27 (Reuters) - Italy’s Aeroporti Holding has agreed to sell its 33.4 percent stake in Florence airport operator Aeroporto di Firenze to Argentine-controlled Cedicor.
Aeroporto di Firenze (ADF) shares soared more than 20 percent after Aeroporti Holding said it had accepted Cedicor’s offer of 13.42 euros per share. Once the deal concludes on March 4, Cedicor will launch a mandatory bid for the rest of ADF.
The government has called for a reorganisation of Italy’s airports after the country’s economic crisis undermined revenues of some smaller operators. Many are partly owned by cash-strapped public authorities casting around for fresh income.
In January, Cedicor, controlled by Argentine airport group Corporacion America, bought 23.4 percent of SAT, the company that runs Pisa airport. A source familiar with the matter told Reuters that Corporacion America was interested in merging the two Tuscan airports of Florence and Pisa.
At 1208 GMT, shares in ADF were up 22 percent at 13.32 euros. (Reporting by Stephen Jewkes; editing by Tom Pfeiffer)