The ASX is hosting a goodbye party for Sydney Airport (ASX: SYD) on Wednesday as investors scramble to swap shares in the iconic travel stock one last time.
Today, the Supreme Court of New South Wales granted the final approval needed for the airport to be taken off the ASX and put into super funds’ pockets.
The airport is the most traded S&P/ASX 200 Index (ASX: XJO) stock on the back of the news. More than 36 million shares have swapped hands since the ASX opened.
It also topped the index’s trade yesterday when 130 million shares in the airport were traded.
Additionally, at the time of writing, the Sydney Airport share price is $8.73, 0.23% higher than its previous close.
That’s also 0.23% lower than the $8.75 per share takeover bid posed by the Sydney Aviation Alliance – the consortium of funds acquiring the landmark.
Let’s take a look at what will happen next for Sydney Airport shares.
Sydney Airport shares are waiting at their departure gate
Shares in Sydney Airport are trading hand over fist on Wednesday as it prepares to launch off the end of the runway at the session’s close, never to return.
The airport will be busy submitting paperwork today. If all goes to plan, it will enter a trading halt tonight and will delist shortly afterwards.
Additionally, the airport will be removed from the ASX 200 when the market opens tomorrow.
The airport’s take-off might have some retail investors feeling glum. However, as it’s being taken over by super funds, its profits will still benefit Australians.
It was extensively approved of by Sydney Airport shareholders — 96% of investors voted ‘yes’ to the takeover last week.
It follows a brilliant 12 months of trade for the airport. At its current share price, Sydney Airport’s stock has gained 52% since this time last year, largely spurred by the drawn-out takeover process.