The Danish government has declined a mandatory tender offer for its shares in Danish airports operator Copenhagen Airports (CPH), as it wants to maintain its 39.2% stake.

CPH owns and operates Copenhagen’s main airport, Kastrup, as well as Roskilde, Copenhagen’s secondary airport.

Danish investor Arbejdsmarkedets Tillaegspension (ATP) and Canada’s Ontario Teacher's Pension Plan Board (OTPP), which both administer pensions, in September announced plans to buy Macquarie Infrastructure and Real Assets (MIRA)’s stake in holding company Kastrup Airport Parents, which in turn owns 57.7% of CPH. This DKK9.8 billion ($1.5 billion) transaction has been approved by the European Commission.

When the acquisition was originally announced, ATP and OTPP said they would launch a mandatory tender offer for the remaining shares in CPH, once the initial stage was complete.

This move – which is required by law because of the size of their shareholding - was put into action on Dec. 8, offering other shareholders the opportunity to sell their shares under the same terms.

CPH issued a notice to the stock exchange to advise that the government had declined the offer, as it wants to retain its shares.

“Copenhagen Airports (CPH) has been informed that the Danish state represented by the ministry of finance has no intention to reduce its current ownership share of 39.2% in CPH and thus declines acceptance of the mandatory tender offer put forward on Dec. 8 by Copenhagen Airports Denmark ApS (CAD) as a consequence of the transaction between Macquarie European Infrastructure Fund III (MEIF III), Ontario Teachers' Pension Plan (OTPP) and Arbejdsmarkedets Tillægspension (ATP),” CPH said in a statement.

A CPH spokesman said the government position has no impact on the acquisition.

Following the transaction, Kastrup Airport Parents will hold at least 57.7% of CPH and the government will hold 39.2%. The remaining shares are in free float.

Victoria Moores