BAA responds to Spanish bid talk

Dermot Davitt

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The UK airports group advises shareholders that no bid has been made, and reaffirms company confidence in the business

BAA issued a statement this afternoon in response to Grupo Ferrovial's announcement that it was considering a bid for the UK airports group.

The statement reads: "The board of BAA plc notes the announcement today by Grupo Ferrovial that it is at a preliminary stage of considering whether to make a cash offer for BAA, likely to be as part of a consortium.

"BAA has not received any proposal from Ferrovial and strongly advises shareholders not to take any action at this time. The board of BAA is confident about the future of its business. It has a unique portfolio of world-class airport assets, including the three regulated London airports and others in the UK, Italy, Hungary and Australia. The further development of these airports, which is supported by their relevant governments, will create substantial opportunities for the group.

"The board believes that BAA is well placed to continue to generate significant shareholder value from this growing portfolio of assets."

BAA shares have risen more than 20% in value since this morning's announcement.