May 1, 2017 / 10:46 PM / 4 months ago

Sydney Airport Holdings declines to develop city's 2nd major airport

SYDNEY, May 2 (Reuters) - Sydney Airport Holdings Ltd on Tuesday said it would not take up its rights to develop a A$5 billion ($3.76 billion) second major airport in the city's west, meaning it could lose its monopoly status within a decade.

The decision clears the way for the Australian government to build the airport expected to open in late 2026 itself, as is widely expected, or to offer the development to other groups, such as pension funds and infrastructure funds.

Sydney Airport Chief Executive Kerrie Mather said in a statement that it was in the best interest of investors for her company to decline the option to develop the airport based on the proposed terms, which did not include any government aid. ($1 = 1.3287 Australian dollars) (Reporting by Jamie Freed, editing by G Crosse)

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