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BAA rejects Goldman Sachs-led takeover bidBAA rejects Goldman Sachs-led takeover bid
Dermot Davitt
18-Apr-2006
The UK airports group continues to fend off possible suitors
BAA has confirmed that it rejected a bid approach from a consortium led by investment bank Goldman Sachs. The airports group said it had received an offer of 870 pence a share on March 30 but rejected it, saying it didn't reflect the true value of the business. Goldman Sachs said it was considering increasing its bid.Meanwhile US firm General Electric (GE) has emerged as a possible participant in the fight for BAA, according to UK newspaper The Daily Telegraph. Sources in the UK government expected the US firm to become involved with the Goldman Sachs consortium, said the newspaper. GE recently stated its interest in investing more in airports and toll roads.
A move for BAA was first made by Spain's Grupo Ferrovial, which tabled a formal offer for the company on April 7, also rejected by the BAA board.
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(2-Jun-2006) - The UK government body that oversees takeovers has given BAA suitor Goldman Sachs one week to make a firm bid
(8-Jun-2006) - BAA has ended its talks with the Goldman Sachs-led consortium
(6-Jun-2006) - The UK airport group is to recommend the Spanish bid to shareholders while leaving the Goldman Sachs consortium the opportunity to place an improved bid by June 16
(5-Jun-2006) - As the Spanish firm decides whether to make a higher bid for BAA, the Commonwealth Bank of Australia has joined the Goldman Sachs-led consortium bidding to buy the UK airports group
(16-Jun-2006) - The UK's largest ports group AB Ports has welcomed an offer from Macquarie Bank