BAA offer

UK: The Board of BAA has recommended a takeover offer from a consortium led by Spanish contractor Ferrovial to its shareholders. The group will pay UK£ 9.5025 (US$ 17.86) per share for BAA, which operates seven UK airports including London's Heathrow, Gatwick and Stanstead. The offer values BAA at UK£ 10.1 billion (US$ 19 billion), and comprises a cash offer of UK£ 9.35 (US$ 17.57) per share, plus a dividend of UK£ 0.1525 (US$ 0.29) per share, declared on May 16.