Exciting News! the 2,000,000th person read this Magazine 0n 8 September 2017. An innovative new way of promoting tourism in the Hunter Valley region of New South Wales in Australia, selected Australian cities, and featured overseas countries. Featuring MICE and Corporate Travel news, destinations and events. On the right hand side of the page you will find an index of articles by date, by world location, and by popularity. Happy reading!
Friday, 9 November 2012
China Buys Into Heathrow Airport in London
London's Heathrow Airport,
The Chinese government's main sovereign wealth fund said Thursday it has bought a 10 percent stake in the operator of London's Heathrow Airport, expanding its investments in British infrastructure.
China Investment Corp. gave no financial details but Ferrovial, the Spanish company that owns 49.99 percent of Heathrow Airport Holdings, said the fund paid other shareholders a total of $725.8 million to acquire its stake.
CIC was created in 2007 to manage a portion of China's multitrillion-dollar foreign reserves in hopes of earning a higher return. Its early investments were mostly small stakes in publicly traded companies to avoid stirring political opposition abroad but the fund has begun making bigger direct investments.
Ferrovial said it sold a 5.72 percent stake in Heathrow Airport Holdings to a CIC subsidiary, Stable Investment Corp., for 257.4 million pounds ($415.2 million). Ferrovial said Stable also acquired shares from other owners for 192.6 million pounds ($310.6 million) at the same time for a total 10 percent stake in the company.
The fund's chairman said last November it wanted to start investing in the United States and Europe in energy, water, transportation and other infrastructure projects. In January, CIC bought 8.7 percent of London's water company, the Thames Water Utilities Ltd., for 276 million pounds ($445 million).
CIC also has made direct investments in French oil and gas producer GDF Suez, Russian miner Polyus Gold, Australian toll road operator Horizon Roads and energy, shipping and other companies in South Africa, Canada, Vietnam and Brazil.