According to elEconomista.es “It has already been decided. The Ministry postponed the Aena privatisation until the spring of 2014″.
In spite of the fact that the Government had said the best moment could be October this year, they have now decided to give it more time in order to get investors.
However, in October 2013 they would present the roadmap with details such as the percentage of the company to be sold, etc.
Apparently, the most likely alternative would be to launch an IPO (initial public offering) in two parts: one for institutional investors and another for small share holders.
Delaying the process would not only help Aena to get more investors, but it would give some time for the Spanish financial situation to improve. This should increase the confidence of the international investors who might be interested. For these reasons the Ministry postponed the privatissation.
With the above, the only thing left would be the air traffic evolution which is not expected to improve before 2015.
Before the summer holiday the Cabinet might approve the separation of Air Navigation and Aena Aeropuertos, which would become totally independent from each other. This would be the previous step to put a value in Aena.