French construction group Vinci has launched a hostile bid for airport operator TBI which runs Belfast International airport, saying TBI had dismissed the £516 million price tag as inadequate.
Vinci's stock fell over 3 per cent as investors worried that the world's biggest construction group may overpay in its eagerness to add to its fast-growing airport business. Vinci revealed its interest in TBI yesterday and said it had already amassed a 14.9 percent stake
Vinci has 26 airport concessions or outsourced contracts in places as diverse as Mexico and Cambodia.
Along with Belfast, TBI runs Swedish airport Skavasta, three Bolivian airports and Florida's Orlando Sanford. It lost almost a fifth of its value two weeks ago after warning profits would be hit by BMI British Midland's decision to stop using Belfast International.
Shares in TBI were trading 4 per cent up at 97p at 2 p.m. today as some investors speculated that Vinci may raise its bid or another bidder may enter the fray.