An Australasian consortium bidding for Stansted has pulled out of the £1 billion-plus running for the airport.
A bidding group led by investment manager Morrison & Co, which operates out of New Zealand, Australia and Hong Kong, has dropped out after failing to secure bank finance for its offer.
Its exit from the auction ahead of the January 16 deadline for final offers is expected to turn the contest into a two-way fight between the Manchester Airports Group (MAG), which is being backed by Australian investor Industry Funds Management, and financial bidder Macquarie, the Daily Telegraph reported.
One banker familiar with the bid told the newspaper: “At the moment this looks a shoot-out between Manchester and Macquarie.”
MAG is thought to be close to securing the financing for its bid. The local city council and IFM, which has £21 billion under management, are each expected to take a 35.5% equity stake in the bid vehicle.
The rest of the equity is held by the other nine local authorities of Greater Manchester.