New rejection

UK airports operator BAA has rejected an increased takeover bid from Ferrovial. May 30 saw the Spanish contractor raise its offer from UK£ 8,10 (€ 11,86) per share to UK£ 9,00 (€ 13,18), valuing the company at UK£ 9,73 million (€ 14,25 billion). BAA says it is worth more than UK£ 9,40 (€ 13,77) per share, or UK£ 10,16 billion (€ 14,88 billion), but Ferrovial described this as “not credible.”