Singapore Inc sets itself up for another blocked deal

The Civil Aviation Authority of Singapore''s hopes to acquire a stake of Sydney Airport are likely to be dashed owing to its government ownership.

The state-owned Civil Aviation Authority of Singapore CAAS has expressed an interest in acquiring a stake in Sydney Airports Corp SAC, which is earmarked for sale after the Sydney 2000 Olympic Games in September. Analysts say that SAC is valued at around A$4 billion $2.3 billion.

It is, however, hard to see the Australian government allowing CAAS to get involved in the privatization of SAC, given that the Singapore government also owns Singapore Airlines SIA - a major rival of Qantas, Australia's national carrier. SIA also owns 25% of Air New Zealand and Ansett Australia and 49% of Virgin Atlantic Airways, a sister company of which, ...

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