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BAA stands firm as battle beginsBAA stands firm as battle begins
15-Apr-2006
UK. The future ownership of BAA is in the balance following a hostile bid for the UK airports operator from a consortium led by Spain's Grupo Ferrovial. Last week the BAA board rebuffed a move from the consortium that valued the business at 810 pence a share, or about $15bn
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According to BAA the bid "does not begin to reflect the true value of BAA's unique portfolio of airport assets". The formal bid puts the same value on BAA as
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(7-Apr-2006) - The Spanish-led consortium offers 810p a share—the same bid that was rejected last month by BAA
(30-May-2006) - The Airport Development and Investment Ltd consortium increased its bid for BAA to 900 pence per share, but the airport group's board is unimpressed
(24-May-2006) - The Airport Development and Investment Ltd consortium, headed by Spanish construction firm Grupo Ferrovial, has received permission from the European Commission to proceed with its bid to buy BAA
(25-Apr-2006) - BAA has rejected the latest takeover bid from Grupo Ferrovial, but the Spanish consortium may be heading into talks with the UK's Civil Aviation Authority regarding BAA's debt burden
(6-Jun-2006) - Airports Development and Investment, the Spanish consortium led by Ferrovial, has bought 13% of BAA