Changi Airport Unit Sells Up to $224 Million Gemina Stake

Worldwide United Singapore is selling a stake of as much as 8.4 percent in Italy’s Gemina SpA (GEM), according to terms of the sale obtained by Bloomberg News.

The selling shareholder is offering 73.4 million shares at a price range of 1.41 euros to market, the terms showed. Worldwide United, a subsidiary of Singapore’s Changi Airport, has an option to increase the size of the sale by another 49.4 million shares.

Italy’s markets regulator also approved the merger of Gemina with Atlantia SpA (ATL) today.

UBS AG is managing the Gemina share sale, which may in total raise about 173 million euros ($224 million).

Shares of Gemina, whose core business is in airport infrastructure, closed at 1.49 euros today, down 1.7 percent. They have gained 39 percent so far this year.

To contact the reporters on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net; Ruth David in London at rdavid9@bloomberg.net

To contact the editors responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net; James Ludden at jludden@bloomberg.net

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