THE way appears clear for Aer Rianta and its partner NatWest Ventures to take a 40 per cent stake in Birmingham International Airport (BIA).
The deal was conditional on BIA winning planning approval for the first phase of its £400 million expansion plan and councillors in Solihull last night voted in favour of the plans.
A spokesman for Aer Rianta said "We would obviously welcome this development and we look forward to a satisfactory completion of the deal, as planned, within the next few weeks.
The purchase, which is expected to cost Aer Rianta/ NatWest Ventures about £45 million, is the first time the semi state company has bought a stake in an overseas airport.
Solihull councillors had twice deferred a decision on the planning application and had also previously attached strict conditions to any expansion. However, after two weeks of negotiations between BIA management and council representatives, a contentious clause banning a runway extension was dropped and a compromise was reached on night flying.
Councillors had initially wanted a complete ban on night flying, but subsequently agreed to a limit on both the number of flights and the acceptable level of noise.
The expansion plans still have to be referred to the British Secretary of State for the Environment, Mr John Gummer, but it is now thought highly unlikely that he will ask for a public inquiry on the matter.
Birmingham Airport, which has an estimated value of £140 million, made a profit of £11.7 million last year on a turn over of £57.3 million. Its planned expansion will double the size of the terminal buildings and add 50 new aircraft stands.
