Possible Tuscany airport capacity increase

Discussion in 'Newsstand' started by Gargoyle, May 27, 2014.  |  Print Topic

  1. Gargoyle
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    The Tuscany region in Italy is looking at the possibility of extending the runway at FLR (Florence) to either 2000 or 2400 meters. This might partly be related to Renzi's push for the 2017 G8 summit to be held in Florence. KMPG was commissioned to do a secret study, which leaked to the Pisa newspaper Il Tirreno. Per this study, the increase in air traffic at FLR would come at a cost of 1m pax/year at PSA. The improvements to FLR would come at a cost of between 200 and 240 million Euro, about half of which would be from public funds. There would be very a large investment from an Argentine holding company, but the newspaper reports problems in the valuation. They say that FLR was overvalued, and PSA (Pisa) undervalued significantly. This would result in a public investment that profits a private investor to the tune of tens of millions of euro.

    This valuation relates to the fact that the regional government is planning to sell 5% of the shares in PSA.

    These changes will require some EU approvals, so now that the report has leaked, we can assume the city of Pisa will try to make a strong case to Brussels against this, or at least against the current valuations and investment allocations.

    PSA is a wonderful airport with capacity for wide bodies. FLR is shoehorned in a tight space next to the highway (an airplane once misjudged and landed on the highway instead of the runway). It's in a fog pocket, and early morning, when most international connection jumps depart, is frequently fogged in. This causes regular delays and missed connections.
     
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  2. NYBanker
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    Tough to buy such small minority stakes!
     
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  3. Gargoyle
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    But Florentine steaks are so good, especially with a nice local Brunello.
     
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  4. Gargoyle
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    Things are heating up in the battle between Pisa and Florence. The Pisans are getting very ticked off with Florence. The mayor of Florence made a comment about the "shameful lack" of direct air connections between the U.S. and Tuscany. The director of Delta's Italian operations responded tersely, reminding the mayor of the DL JFK-Pisa flights that have run every summer since '07. It seems that Florence doesn't consider Pisa to be part of Tuscany.
     
  5. LarryInNYC

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    Until the third sentence I thought I was watching an episode of The Borgias. :cool:
     
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  6. Gargoyle
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    The more things change, the more they remain the same...
     

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