IFM Investors has increased its offer to make its global infrastructure fund the largest stakeholder of publicly listed Vienna Airport.

IFM Global Infrastructure Fund is looking to acquire 9.99% of shares held by free-float shareholders, raising its offer from €33 to €34 per share.

In June, the fund, through its Airports Group Europe subsidiary, increased its interest in Vienna Airport to more than 40%.

The new offer represents a 29.3% premium to the closing price of the last trading day prior to it increasing its stake and was in response to revised guidance from Vienna Airport, the company said.

IFM Investors said its latest offer was the “best and final price” and was attractive considering the continued uncertainty surrounding the aviation industry and European markets.

IFM Investors triggered a provision to make a mandatory takeover of Vienna Airport in June when its stake reached 40%. However, the Austrian Takeover Commission decided that the fund manager was not obliged to launch the takeover offer for all remaining shares.

The other shareholders include the province of Lower Austria and City of Vienna, both of which own 20%, and private employee participation foundation which holds 10%. The remaining 10.1% trades in free float.