BAA turns downs £8.75bn takeover bid
17/03/2006 - 13:16:37Airports operator BAA today rejected the terms of a takeover approach worth £8.75bn (€12.6bn) from the Spanish infrastructure company Ferrovial.
BAA, which owns seven UK airports including Heathrow and Gatwick, said it had no hesitation in dismissing the proposal, which it said did not begin to reflect the value of BAA’s “unique portfolio of airport assets”.
Details of the conditional offer emerged five weeks after Ferrovial said it was considering making an offer in conjunction with other parties. Today it confirmed it was working with a Quebec-based fund manager and the private equity investment arm of the Singapore government.
