After the time of controversy comes the time for serious matters. The process of privatizing the Azurean airport platform has entered the operational phase with the development of the specification document, which will serve as the basis for the sale of shares in the managing company (Aéroports Côte d’Azur).
The State, which is selling the majority stake (60%) through the Agency of Public Holdings, wishes to involve the other shareholders (CCI 25%, Métropole NCA 5%, CD06 5%, and Région PACA 5%) in this operation, whose total value is estimated at around 1.5 billion euros.
The first strategic decision: Are you a seller or not?
Christian Estrosi, wearing two hats as both the president of the Région and the Métropole Nice Côte d’Azur, and Bernard Kleynhoff, also with dual roles as President of the CCI Nice Côte d’Azur and head of the regional economic commission, have clearly said “no” during a press briefing.
Their intention is simple: With 35% of the company’s shares, they will constitute a blocking minority for major strategic decisions (capital increases, dividend distributions, appointments, etc.). As for the Department, it has not taken a stance on this matter, preferring instead to discuss the conditions of the sale.
The airports of the Côte d’Azur are the second-largest airport platform in the country (12 million passengers and 125 destinations).
This asset is crucial for the international mobility of a territory surrounded by two transport bottlenecks, rail and road, which are largely insufficient and burdensome, in terms of both tourism and business.
The conditions of this sale, which should be explicitly outlined, concern ground services, which are highly significant, and are unrelated to air traffic, which falls under the jurisdiction of the French Civil Aviation Authority and the European regulator. Simply put, it is not the airport concessionaire in Nice who will decide which airlines and flights can land and take off from these runways, even though the technical organization, logistics, and cost of these operations play a significant role.
What are the local authorities asking for?
The first condition is that the company Aéroports de Paris (ADP) should not be accepted as a candidate. The fear is that, as part of an international strategy that is being asserted for economic reasons, Nice will become an extension of the Parisian hub for international flights, or even downgraded as a base for low-cost flights.
The second condition is the selection of a concessionaire with international expertise, again to prevent financial entities with strong capital from managing the airport as a mere investment asset.
Third point: the possibility for local investors to be part of the majority consortium, in order to represent the interests and entities of the local economic fabric. It is said that two or three companies are ready to sign a substantial check.
Fourth option: to include in the plan that a significant portion of the sale’s proceeds be allocated to the funding of territorial projects. A nice idea, useful for replenishing the diminished funds of local governments, but it goes against the original reason for this operation: selling family silver to alleviate the State’s deficit.
Final request: that the Chairman of the Supervisory Board (currently Bernard Kleynhoff) be a local figure as a guarantee of the airport’s belonging to the region. Is there an appetite to satisfy? Some friends to benefit?
On February 25, a meeting will be held between Minister Macron and his team and the Azurean interlocutors.
The negotiation will start, and everyone will try to pull the blanket towards themselves. Christian Estrosi has already donned the cape and taken the sword like D’Artagnan.
The suitors of the bride, whose names are not revealed but for some discretion is not observed, remain behind the curtain before officially presenting themselves.
There is no doubt they are working in the shadows to secure the best conditions—the scenario is not new!
Is the piece so appetizing as to make them accept such restrictive terms from a capitalistic standpoint?
Between the legal owners (the State), others who consider themselves de facto owners (local authorities), and others yet to become owners who will have their future interests to protect, special attention will ultimately need to be paid to the moral owners—the 12 million passengers without whom this company “Nice Airport” would not exist, or at least would attract no interest!
