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Hostile bid on cards for BAA

Heathrow Airport

AUSTRALIA'S Macquarie Bank is poised to team up with Spain's Grupo Ferrovial SA to launch a hostile bid for British airports operator BAA plc.

According to weekend reports, a bid for BAA - which owns London's Heathrow, Gatwick and Stansted airports - would be on the table within days.

"Macquarie and Ferrovial are natural allies. A memorandum of understanding cannot be far away," it quoted an unnamed City of London source as saying.

Neither the Australian bank, which recently walked away from a £1.5 billion (€2.2bn) bid for the London Stock Exchange, nor the Spanish construction company could be reached for comment. Analysts have said a bid could be as high as 900p, valuing BAA at more than £9.5bn (€13.9bn).

Ferrovial said on February 8 it was considering a cash bid for BAA as part of a consortium. Macquarie Airports, a global airport investment fund managed by Macquarie Bank, has been named as a possible rival suitor.

Sources familiar with the situation told Reuters that Ferrovial was still finalising a consortium and had not yet made a firm decision to bid. The Singapore government, Canadian fund manager Caisse de despot et placement du Quebec, and Britain's Star Capital have been tipped as possible consortium partners.

Ferrovial is known to be seeking a slice of the booming European airport sector.

The Spanish group said, earlier this month that it hadn't approached BAA, but any offer was likely to be in cash and part of a consortium. Ferrovial already has a stake in Bristol Airport in a joint venture with Macquarie Airports, Belfast Airport and train operator Amey.

Shares in BAA touched 801p earlier in the month as speculation mounted.

One potential sticking point to a deal recently emerged when investors who bought euro bonds issued by BAA said they would seek to change the terms of the debt to protect against a change in ownership, which could make the bonds more risky.

 

Hostile bid on cards for BAA

Heathrow Airport

AUSTRALIA'S Macquarie Bank is poised to team up with Spain's Grupo Ferrovial SA to launch a hostile bid for British airports operator BAA plc.

According to weekend reports, a bid for BAA - which owns London's Heathrow, Gatwick and Stansted airports - would be on the table within days.

"Macquarie and Ferrovial are natural allies. A memorandum of understanding cannot be far away," it quoted an unnamed City of London source as saying.

Neither the Australian bank, which recently walked away from a £1.5 billion (€2.2bn) bid for the London Stock Exchange, nor the Spanish construction company could be reached for comment. Analysts have said a bid could be as high as 900p, valuing BAA at more than £9.5bn (€13.9bn).

Ferrovial said on February 8 it was considering a cash bid for BAA as part of a consortium. Macquarie Airports, a global airport investment fund managed by Macquarie Bank, has been named as a possible rival suitor.

Sources familiar with the situation told Reuters that Ferrovial was still finalising a consortium and had not yet made a firm decision to bid. The Singapore government, Canadian fund manager Caisse de despot et placement du Quebec, and Britain's Star Capital have been tipped as possible consortium partners.

Ferrovial is known to be seeking a slice of the booming European airport sector.

The Spanish group said, earlier this month that it hadn't approached BAA, but any offer was likely to be in cash and part of a consortium. Ferrovial already has a stake in Bristol Airport in a joint venture with Macquarie Airports, Belfast Airport and train operator Amey.

Shares in BAA touched 801p earlier in the month as speculation mounted.

One potential sticking point to a deal recently emerged when investors who bought euro bonds issued by BAA said they would seek to change the terms of the debt to protect against a change in ownership, which could make the bonds more risky.

 

Hostile bid on cards for BAA

Heathrow Airport

AUSTRALIA'S Macquarie Bank is poised to team up with Spain's Grupo Ferrovial SA to launch a hostile bid for British airports operator BAA plc.

According to weekend reports, a bid for BAA - which owns London's Heathrow, Gatwick and Stansted airports - would be on the table within days.

"Macquarie and Ferrovial are natural allies. A memorandum of understanding cannot be far away," it quoted an unnamed City of London source as saying.

Neither the Australian bank, which recently walked away from a £1.5 billion (€2.2bn) bid for the London Stock Exchange, nor the Spanish construction company could be reached for comment. Analysts have said a bid could be as high as 900p, valuing BAA at more than £9.5bn (€13.9bn).

Ferrovial said on February 8 it was considering a cash bid for BAA as part of a consortium. Macquarie Airports, a global airport investment fund managed by Macquarie Bank, has been named as a possible rival suitor.

Sources familiar with the situation told Reuters that Ferrovial was still finalising a consortium and had not yet made a firm decision to bid. The Singapore government, Canadian fund manager Caisse de despot et placement du Quebec, and Britain's Star Capital have been tipped as possible consortium partners.

Ferrovial is known to be seeking a slice of the booming European airport sector.

The Spanish group said, earlier this month that it hadn't approached BAA, but any offer was likely to be in cash and part of a consortium. Ferrovial already has a stake in Bristol Airport in a joint venture with Macquarie Airports, Belfast Airport and train operator Amey.

Shares in BAA touched 801p earlier in the month as speculation mounted.

One potential sticking point to a deal recently emerged when investors who bought euro bonds issued by BAA said they would seek to change the terms of the debt to protect against a change in ownership, which could make the bonds more risky.

 

Hostile bid on cards for BAA

Heathrow Airport

AUSTRALIA'S Macquarie Bank is poised to team up with Spain's Grupo Ferrovial SA to launch a hostile bid for British airports operator BAA plc.

According to weekend reports, a bid for BAA - which owns London's Heathrow, Gatwick and Stansted airports - would be on the table within days.

"Macquarie and Ferrovial are natural allies. A memorandum of understanding cannot be far away," it quoted an unnamed City of London source as saying.

Neither the Australian bank, which recently walked away from a £1.5 billion (€2.2bn) bid for the London Stock Exchange, nor the Spanish construction company could be reached for comment. Analysts have said a bid could be as high as 900p, valuing BAA at more than £9.5bn (€13.9bn).

Ferrovial said on February 8 it was considering a cash bid for BAA as part of a consortium. Macquarie Airports, a global airport investment fund managed by Macquarie Bank, has been named as a possible rival suitor.

Sources familiar with the situation told Reuters that Ferrovial was still finalising a consortium and had not yet made a firm decision to bid. The Singapore government, Canadian fund manager Caisse de despot et placement du Quebec, and Britain's Star Capital have been tipped as possible consortium partners.

Ferrovial is known to be seeking a slice of the booming European airport sector.

The Spanish group said, earlier this month that it hadn't approached BAA, but any offer was likely to be in cash and part of a consortium. Ferrovial already has a stake in Bristol Airport in a joint venture with Macquarie Airports, Belfast Airport and train operator Amey.

Shares in BAA touched 801p earlier in the month as speculation mounted.

One potential sticking point to a deal recently emerged when investors who bought euro bonds issued by BAA said they would seek to change the terms of the debt to protect against a change in ownership, which could make the bonds more risky.