Airport IPOs: Tricky takeoff for European airports

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European airport IPOs and secondary share offerings are keeping equity capital markets teams busy. Vendors hope to raise up to e20 billion from selling shares in airports in the next few years. But the upcoming privatizations of Amsterdam's Schiphol airport and Milan's Società Esercizi Aeroportuali airport authority, along with a secondary offering by Unique, the manager of Zurich Kloten, seem set for a rough ride as local and political issues put a damper on investor enthusiasm.