Long and winding road

1 October 2008 By Fiona Maharg-Bravo

Thanks to dithering by Pennsylvania s lawmakers, the $12.8bn offer by Spain s Abertis and Citi to operate the state’s Turnpike has slipped away. The fact they couldn t even muster a vote on this pot of gold could present problems for other US infrastructure deals.

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Spanish construction group Abertis and Citigroup Infrastructure Investors (Citi) have pulled out of their $12.8 billion bid for the Pennsylvania Turnpike, the biggest privatization project in the U.S. infrastructure sector.

The consortium, which included Spanish savings bank La Caixa, let the cash offer expire by Tuesday's deadlines after it was selected preferred bidder last May and had already extended the deadline twice, awaiting approval from the Pennsylvania state legislature.

Meanwhile, the city of Chicago will lease its Midway Airport for 99 years for $2.5bn to a consortium led by Citi, YVR Airport Services , and John Hancock Life Insurance Company.

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