Fraport to pay EUR 650 mln to secure runway extension

Fraport, the owner of Frankfurt airport, has signed a Letter of Intent (LOI) with chemical company Celanese/Ticona, under which the latter has agreed to close its chemical plant at Kelsterbach by the middle of 2011 to allow the building of a new runway. All aeronautical obstacles are to be removed by Celanese/Ticona and it is to transfer the entire property to Fraport by 2015.

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