Menu
06/06/2006
Ferrovial to take over BAA
Spanish building firm Ferrovial has had its takeover offer for airports operator BAA accepted, it has been reported.
BAA, which runs seven UK airports including Heathrow, Gatwick and Stansted, has confirmed that it has accepted an offer of 950.25 pence per share from Ferrovial, valuing the firm at just over £10 billion.
The announcement comes after a consortium led by US bank Goldman Sachs had made an offer of 955.25 per share, higher than the Ferrovial offer.
The consortium has now had the deadline extended to make a bid until June 16.
Goldman Sachs said that it is reviewing its options and urged BAA shareholders to take no action at the moment.
Both offers include a special final dividend payment of 15.25 pence per share.
In a statement released by BAA on Tuesday, the firm said that Ferrovial's offer "represents an attractive price of BAA" and that a further announcement would be made shortly.
Ferrovial has shares in Bristol airport and Sydney airport and also owns George Best Belfast City Airport.
(KMcA/GB)
BAA, which runs seven UK airports including Heathrow, Gatwick and Stansted, has confirmed that it has accepted an offer of 950.25 pence per share from Ferrovial, valuing the firm at just over £10 billion.
The announcement comes after a consortium led by US bank Goldman Sachs had made an offer of 955.25 per share, higher than the Ferrovial offer.
The consortium has now had the deadline extended to make a bid until June 16.
Goldman Sachs said that it is reviewing its options and urged BAA shareholders to take no action at the moment.
Both offers include a special final dividend payment of 15.25 pence per share.
In a statement released by BAA on Tuesday, the firm said that Ferrovial's offer "represents an attractive price of BAA" and that a further announcement would be made shortly.
Ferrovial has shares in Bristol airport and Sydney airport and also owns George Best Belfast City Airport.
(KMcA/GB)
Related UK National News Stories
Click here for the latest headlines.
02 September 2008
Virgin May Bid For Gatwick Ownership
A team from Sir Richard Branson's Virgin Atlantic Group is in the market to bid for a major UK airport. He has put together a consortium to raise the £2bn to buy Britain's second largest airport - Gatwick - now that the current owner BAA is selling it due to well publicised competition concerns.
Virgin May Bid For Gatwick Ownership
A team from Sir Richard Branson's Virgin Atlantic Group is in the market to bid for a major UK airport. He has put together a consortium to raise the £2bn to buy Britain's second largest airport - Gatwick - now that the current owner BAA is selling it due to well publicised competition concerns.
19 March 2009
CC Orders BAA To Sell Two Airports
The Competition Commission (CC) has ordered BAA to sell both Gatwick and Stansted as well as either Edinburgh or Glasgow. In its final report on BAA's ownership of seven UK airports, the CC also stipulates that BAA must sell all three airports within two years.
CC Orders BAA To Sell Two Airports
The Competition Commission (CC) has ordered BAA to sell both Gatwick and Stansted as well as either Edinburgh or Glasgow. In its final report on BAA's ownership of seven UK airports, the CC also stipulates that BAA must sell all three airports within two years.
20 August 2008
Commission Urges BAA To Sell Three Airports
BAA is being urged to sell three of its seven airports because of concerns about its dominance in the market. The Competition Commission (CC) is recommending that the airport operator should have to sell two of its three airports in the south east: Heathrow, Gatwick and Stansted.
Commission Urges BAA To Sell Three Airports
BAA is being urged to sell three of its seven airports because of concerns about its dominance in the market. The Competition Commission (CC) is recommending that the airport operator should have to sell two of its three airports in the south east: Heathrow, Gatwick and Stansted.
22 April 2008
Competition Commission Questions BAA Role
The Competition Commission has ruled that the British Airports Authority's (BAA) possession of several UK airports may not be in the "interests of either airlines or passengers". While the commission has not reached any decision it is expected that it will call for BAA to sell one or more of its seven airports in its August report.
Competition Commission Questions BAA Role
The Competition Commission has ruled that the British Airports Authority's (BAA) possession of several UK airports may not be in the "interests of either airlines or passengers". While the commission has not reached any decision it is expected that it will call for BAA to sell one or more of its seven airports in its August report.
18 August 2008
BAA Bids Begin
As the Competition Commission is expected to report that British Airport Authority (BAA) ownership of a total of seven airports in the UK may not be "serving the interests of either airlines or passengers", bids are already being made for BAA's airports.
BAA Bids Begin
As the Competition Commission is expected to report that British Airport Authority (BAA) ownership of a total of seven airports in the UK may not be "serving the interests of either airlines or passengers", bids are already being made for BAA's airports.
-
Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
