U.S. Ogden pulls out of Argentina Airports 2000

American company Ogden sold its stocks (28 percent in all) in Argentina Airports 2000, an Argentine 32-hub mesh, to local America Corp. for $30 million.

America Corp. –owned by Argentine entrepreneur Eduardo Eurnekian- will now control the airport network by becoming the top shareholder with 63 percent of all stocks, Buenos Aires newspaper El Cronista reported.

Ogden, a building company devoted to the leisure industry, had been entertaining the idea of withdrawing from Argentina Airports 2000 over the last three years as part of a cost-cutting plan at a global scale, the daily informed.

The sales of Ogden’s stocks to the Eurnekian Group will get the final go-ahead in coming days as soon as the state-run airport control system okays the transaction.

Argentina Airports 2000’s other partners are Italy’s SEA, in charge of the Milan hub with 28 percent of stocks, and Argentina-based companies Siemest and Riva, with 8 and 11 percent of shares, respectively.

Argentina’s largest airport operator churned out $131.9 million worth of earnings last year.