Düsseldorf Headlines: New Developments - The Hungarian government takes control of the majority share in Budapest's airport.
Ownership of the airport is a matter of sovereignty, commented Economy Minister Marton Nagy. For tourism and cargo traffic, Hungary's largest international airport is critical to the country's economic cycle.
AviAlliance is an airport investor founded by Hochtief in 1997, and it manages airports in cities like Dusseldorf, Hamburg, and Athens. The Budapest office of the company, a subsidiary of the conglomerate, has been pressured by the Hungarian government - led by Prime Minister Viktor Orban - to persuade them to sell the operating company.
Orban, holding power since 2010, aims to bring crucial sectors of the economy under the control of the state or Orban-affiliated oligarchs. In the past, notable enterprises such as major banks, a mobile phone network operator, and other telecom companies have come under his influence, after they were sold to the state or state-affiliated entities by their previous private foreign owners.
Ministry of Economy, Hungary Press Release
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The Hungarian government's move to acquire a majority stake in Budapest's airport could impact air traffic and tourism significantly. AviAlliance, an operating company managing airports in various cities, has been struggling under pressure from the Hungarian government to sell its Budapest subsidiary. Germany's Hochtief, the conglomerate behind AviAlliance, may be affected by these changes. Meanwhile, Hungary's Economy Minister Marton Nagy emphasized that ownership of the airport is a matter of sovereignty. Interests in other European airports, such as those in Dusseldorf and Hamburg, may also be interested in these developments. Additionally, Vinci, a major player in airports worldwide, could potentially be affected by Hungary's control over Budapest's airport.
