Sydney Airport (ASX:SYD) concludes due diligence on takeover bid

The possible sale of Sydney Airport (ASX:SYD) to Sydney Aviation Alliance, a consortium of investment funds, is a step closer.

Last month, Sydney Aviation Alliance launched a third non-binding proposal to acquire 100 per cent of shares in Sydney Airport for $8.75 per share. The national airline then granted the consortium, made up of IFM Investors, Australian Super and QSuper, a four-week due diligence period, which has now come to an end.

Sydney Airport said it will continue to negotiate the transaction documents and seek internal approvals over the coming weeks. The Sydney Airport Board has unanimously recommended that securityholders vote in favour of the proposal.

The airline notes that there is no guarantee an agreement will be reached, but will update the market when necessary.
 
Shares in Sydney Airport (ASX:SYD) are trading 0.8 per cent lower $8.30.