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Warren Buffett Is Close to Buying Regional Airport in Frankfurt
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By Nadja Brandt
Jan. 21 (Bloomberg) -- Billionaire investor Warren Buffett is close to buying the Egelsbach airport in Frankfurt, Germany, through his business-jet venture NetJets Inc.
The airport’s owners, including the cities of Offenbach and Langen as well as municipal utilities, have agreed to sell their stakes, the airport said in a faxed statement today. The city of Egelsbach, another shareholder, hasn’t made a decision yet. NetJets plans to hold talks with the city, Jan. 23.
The sale of the airport, which is Germany’s largest for private and business flights, is driven in part by the need for investment in its infrastructure. A total of about 30 million euros ($38.6 million) would be necessary for such measures, including a runway extension, the airport said in a statement in November.
“The entry of private investors would be an ideal way to maintain the airport as a prime location for business flights and to develop it further,” the airport said in November.
NetJets would take into consideration neighboring communities and would limit noise pollution as well as traffic to a maximum of 100,000 planes a year, the airport said in the statement today.
To contact the reporter on this story: Nadja Brandt in Los Angeles at [email protected]
Last Updated: January 21, 2009 15:00 EST
Email | Print | A A A
By Nadja Brandt
Jan. 21 (Bloomberg) -- Billionaire investor Warren Buffett is close to buying the Egelsbach airport in Frankfurt, Germany, through his business-jet venture NetJets Inc.
The airport’s owners, including the cities of Offenbach and Langen as well as municipal utilities, have agreed to sell their stakes, the airport said in a faxed statement today. The city of Egelsbach, another shareholder, hasn’t made a decision yet. NetJets plans to hold talks with the city, Jan. 23.
The sale of the airport, which is Germany’s largest for private and business flights, is driven in part by the need for investment in its infrastructure. A total of about 30 million euros ($38.6 million) would be necessary for such measures, including a runway extension, the airport said in a statement in November.
“The entry of private investors would be an ideal way to maintain the airport as a prime location for business flights and to develop it further,” the airport said in November.
NetJets would take into consideration neighboring communities and would limit noise pollution as well as traffic to a maximum of 100,000 planes a year, the airport said in the statement today.
To contact the reporter on this story: Nadja Brandt in Los Angeles at [email protected]
Last Updated: January 21, 2009 15:00 EST