Spanish firm mulls €14bn bid for BAA

THE Spanish company looking to land airports operator BAA was yesterday told it must come up with a bid worth about £9.5 billion (€13.92bn) for the Heathrow owner.

The value suggested by BAA’s leading shareholders represents a 15% premium on the current BAA share price of 779p (€11.42), even though the stock has soared following infrastructure company Ferrovial’s revelation it was mulling an offer.