A deal constructed to go public with 49% of Aena could founder on a simple procedural issue. Nothing has changed in terms of the IPO terms, and investors still could mark their calendars for November 12. But, the IPO portfolio doesn't look like it did yesterday thanks to a bureaucratic foible.
Specifically, the Council of Ministers failed to approve a document because it was missing critical information that the CNMV needed. For a deal that took two years of planning and many obstacles (such as the struggles between airports and regional governments), more precautions should have been taken.
