Shareholders put £9.5bn price tag on BAA

The Spanish company looking to land airports operator BAA was today told it must come up with a bid worth around £9.5bn (€13.9bn) for the Heathrow owner.

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