The UK secretary of state for trade and industry has decided not to refer Vinci of France's acquisition of UK airport operator TBI to the Competition Commission.

The news comes just four days after Keith Brooks, chief executive of TBI, urged shareholders to reject the offer. UBS Warburg is advising Vinci on the deal, and Dresdner Kleinwort Wasserstein and Credit Lyonnais are advising TBI. Allen & Overy is legal adviser to Vinci, and Norton Rose is working for TBI. In addition, on Monday Vinci offered to acquire Worldwide Flight Services of the US for $295m (€324m). Vinci is using Rothschild, its usual financial adviser, on the Worldwide Flight Services deal.