Sydney Airport shareholders to approve takeover

Big deal: Passengers walk through the international arrival terminal of Sydney Airport. Its takeover at US$16.85bil is one of Australia’s biggest-ever buyouts. — Bloomberg

SYDNEY: Sydney Airport shareholders are poised to approve a A$23.6bil (US$16.85bil or RM70.4bil) cash takeover by infrastructure investors, though many small retail investors voted against delisting Australia’s only listed airport.

The Sydney Airport takeover, one of Australia’s biggest-ever buyouts, was backed by 96% of proxy votes cast, but 20.4% of shareholders representing a 4% stake were against the deal. A final tally is due soon.