Spanish company 'planning BAA takeover'

A Spanish infrastructure company today said it was planning a possible takeover of BAA – the owner of seven UK airports, including Heathrow.

Grupo Ferrovial, which owns construction company Amey, said no approach had yet been made, but that any offer was likely to be as part of a consortium.

BAA shares jumped by as much as 20% following the surprise statement from Ferrovial, which already has a 50% stake in Bristol airport and complete ownership of Belfast City airport.

The UK company, which is valued at more than £8bn (€11.6bn) based on today’s share price rise, also owns and operates Gatwick, Stansted, Edinburgh, Glasgow, Aberdeen and Southampton airports.