Sydney Airport (ASX:SYD) share price climbs amid another takeover green light

The Sydney Airport sell-off is another step closer today.

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The Sydney Airport (ASX: SYD) share price is rising today amid more progress towards a potential takeover.

At the time of writing, the airport operator's shares are trading at $8.67, up nearly 1%.

Let's delve into what the company announced to the market today.

a father and his son wear masks and gaze out the window of an airport lounge onto planes on the tarmac below with an orange sunset glow in the background as they wonder whether Virgin Australia will relist on the ASX and become an ASX travel share again

Image source: Getty Images

What is impacting the share price?

Sydney Airport informed investors Australia's Foreign Investment Review Board has no objection to the proposed $23.6 billion acquisition by Sydney Aviation Alliance.

The Alliance is a group of investors including AustralianSuper, IFM Investors, Global Infrastructre Partners, and QSuper.

According to an announcement released to the market today, the Foreign Investment Review Board's 'no objection' letter signals all regulatory conditions surrounding the acquisition have been met.

As my Foolish colleague reported earlier this month, the Australian Competition and Consumer Commission and European Commission have also approved the takeover.

However, shareholders still need to vote in favour of the deal. And there are other conditions still to be met, including court approval.

Sydney Airport is continuing to recommend shareholders vote in favour of the $8.75 per share proposal in February.

A statement on behalf of the Sydney Airport board today said:

Each member of the Sydney Airport board intends to vote, or cause to be voted, any Sydney Airport securities held or controlled by them, in favour of the schemes.

Last week, Sydney Airport released details of the shareholder offer, to be voted on at a meeting on Thursday 3 February.

Sydney Airport share price recap

The Sydney Airport share price has surged 37% in the past 12 months and gained 35% year to date.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned more than 11% over the past year.

The company's shares have gained 2.7% in the past month, and 1.4% in the past week.

The company has a market capitalisation of roughly $23 billion based on its current share price.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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