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2012-01-17 - 12:57:00 - DJ CCR To Bid For Brazil Airports With Flughafen Zuerich -Report

DJ CCR To Bid For Brazil Airports With Flughafen Zuerich -Report

SAO PAULO (Dow Jones)--Brazilian toll-road operator CCR SA (CCRO3.BR), together with Zurich airport operator Flughafen Zuerich AG (FHZN.EB), will bid for airports being privatized by the Latin American country's government, Folha de S Paulo newspaper reported Tuesday.

Zuerich will take a 10% stake in the group that will bid for at least one of the three airports that are set to be auctioned Feb. 6, Folha said, citing CCR Chief Executive Renato Vale.

Though Vale didn't say how high of a return he expects on the airport investment, he said he saw returns of 6.5% estimated by some rival bidders as too low to justify the large investment needed for the airports, Folha reported.

Vale didn't say which airports the group plans to bid on. The government plans to hand over airports in Brasilia, Sao Paulo and Campinas--about 100 kilometers north of Sao Paulo --to private operators. Bidders can make offers for all three airports, but the auction rules say that a company that wins a license to operate one airport is excluded from licenses for other airports.

Shareholders of CCR approved plans to bid on the airports at a Monday meeting, according to a regulatory filing. During the same meeting, shareholders approved the purchase by CCR of stakes in other airports held by CCR controlling shareholders Camargo Correa Group and Andrade Gutierrez Concessoes S/A (ANDG4B.SM). The two Brazilian construction companies held stakes in airports in Costa Rica, Ecuador and Curacao.

Camargo Correa and Andrade Gutierrez are studying the construction of a new airport in the Sao Paulo metropolitan area. The companies said in the regulatory filing that they agreed to exclude themselves from CCR decisions about airport concessions for as long as the construction companies are studying the new airport project--an airport which would likely take away traffic from the Sao Paulo and Campinas airports.

The expansion into the airport business would be good for CCR, especially in light of limited new road concessions in the near future, BTG Pactual analyst Rodrigo Goes said in August, when CCR announced it was thinking of bidding for the airports. Though the concession auctions are likely to be competitive and provide low returns, Goes expects CCR to be "cognizant" of minimum return rates needed to make the project viable.

--By Paulo Winterstein, Dow Jones Newswires; 55-11-3544-7073;

(END) Dow Jones Newswires

January 17, 2012 07:57 ET (12:57 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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