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Spanish firm poised to launch bid for BAA
Spanish construction firm Grupo Ferrovial, which has stakes in Bristol and Belfast Airports, has revealed it may bid for BAA in a move that sent the value of the airport operator rocketing.
Shares climbed 22% on the news, valuing BAA at £8.3 billion.
BAA reported an operating profit of £412 million in the six months ending September 30. It operates Heathrow, Gatwick, Stansted, Edinburgh, Aberdeen, Southampton and Glasgow Airports.
Ferrovial said in a statement that any bid was at a preliminary stage and that no offer has yet been made to BAA or any approach made to the board.
BAA meanwhile said it has “noted the announcement” but confirmed it has received no proposal.
“We strongly advise our shareholders not to take any action at this time,” a statement said.
It added the board was “confident about the future of its business.”
“It has a unique portfolio of world-class assets, including three regulated London airports and others in UK, Italy, Hungary and Australia. The further development of these airports, which is supported by their relevant governments, will create substantial opportunities for the group.
“The board believes that BAA is well placed to continue to generate significant shareholder value from this growing portfolio of assets.”
Ferrovial already owns half of Bristol Airport and has full ownership of Belfast Airport.
Any offer is likely to be cash and part of a consortium.
Report by Steve Jones
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