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Ferrovial gets go-ahead for BAA bidFerrovial gets go-ahead for BAA bid
John Rimmer
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
Grupo Ferrovial, the leader of the Airport Development and Investment Ltd consortium bidding to buy UK airports group BAA, has announced that the European Commission has granted clearance for the consortium to complete a deal. Ferrovial's partners in the consortium are Caisse de dépôt et du placement du Québec and GIC Special Investments Pte Ltd. In a statement Ferrovial said that the EC had attached no conditions to the clearance.This week BAA confirmed that it would shortly send a letter to shareholders including a proposed capital return of £750m ($1.41bn) in the event of offers from Ferrovial or any other bidders lapsing.
Last month BAA reiterated its refusal of Ferrovial's 810p per-share hostile bid, which valued the company at £8.7bn ($16.4bn). It has urged shareholders to take no action.
Today BAA's shares have traded at 836p.
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(6-Jun-2006) - Airports Development and Investment, the Spanish consortium led by Ferrovial, has bought 13% of BAA
(8-Feb-2006) - Construction company Grupo Ferrovial has said it is considering an £8bn bid for the UK airports group
(26-Nov-2006) - The Spanish group’s share price rose on Friday, boosted by speculation that Dufry Group is interested in acquiring BAA retail subsidiary World Duty Free
(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
(26-May-2006) - Spanish firm Ferrovial, bidding to buy BAA, has welcomed the Office of Fair Trading's investigation into the UK airport sector