Bid for BAA

25 April 2008

UK: BAA, which operates seven airports in the UK, has rejected a takeover bid from a consortium lead by Spanish contractor Ferrovial, which valued the company at UK£ 8.75 billion (US$ 15.3 billion). BAA's Board is reported to be holding out for an offer of as UK£ 9.72 billion (US$ 17.0 billion) to UK£ 10.8 billion (US$ 18.9 billion). BAA's portfolio includes Heathrow and Gatwick airports, and it claims more than an 80% share in international air passenger traffic in the UK.

Ferrovial's consortium comprises Ferrovial Infraestructuras, which is a subsidiary that operates road and airport infrastructure, Caisse de Dép't et Plascment du Québec (CDP), a Canadian pension fund, and GIC Special Investments, a Singapore-based investment company. Ferrovial Infraestructuras owns 100% of Belfast City Airport in the UK province of Northern Ireland, and also has stakes in Bristol Airport in the UK and Sydney Airport in Australia. Ferrovial also owns Swissport International, which operates various services at more than 180 airports worldwide.

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