Nice and Genoa: Is a new chapter being written with the privatization of the Ligurian airport?

We had already mentioned in our previous articles that, within the framework of the partnership between the cities of Nice and Genoa, a potential alliance opportunity could have been the privatization of the main airport in the Liguria region, which must necessarily take place in the year 2011. Possible scenarios were considered with the necessary discretion, as diplomacy requires. A confirmation of this hypothesis came during the presentation of expressions of interest (Call for extension of interest) as the procedure dictates: among the 6 applications, there is one from Vinci Airport, which confirms that the issue is pressing.

Vinci Airport (see box) is thus one of the 6 candidates* for acquiring the majority (60%) of shares in the management company of the Cristoforo Colombo Airport in Genoa-Voltri, the 20th in terms of passenger volume (1.4 million per year) on the Italian peninsula.

But what really interests potential investors is the development potential of this stopover, which, with new infrastructures, could be the centerpiece of an integrated tourism system with the ports of Genoa and Savona… and why not, an international airport like that of Nice?

The future will tell, but it’s obvious that if industry heavyweights are among the potential buyers, it’s not just to be content with the simple slot between Genoa and Rome!

And given Vinci group’s activity in the Côte d’Azur region, and its relationships with the city of Nice (and its mayor), as demonstrated by the dossier of the construction of the future Grand Stade, it’s hard to imagine that the sole strategy of this possible arrival is to manage the 20th Italian airport.

For the record:

• The current owner of the majority of shares (60%) is the Port Authority (a public company), with the other shareholders being the Chamber of Commerce and Industry of Genoa (25%) and the company of Rome Airports (already privatized / Benetton Group)
• The estimated cost of the operation is 50 million euros, composed as follows: approximately 30 million in capital and 15/20 million for investments already planned

In addition to Vinci Airport, the other candidates are:

F2i (investment fund / Italian public/private equity fund), Limak Yatirim (Turkey), and three companies, one British, one American, and one Argentine, whose names have not been disclosed.

* The information at this stage is still confidential.