BAA attracts further interest

The Singapore government and a Canadian fund manager were today being linked to a role in the Spanish-led consortium looking to bid for British airports owner BAA.

The Financial Times said the pair had approached construction company Ferrovial about its offer, which could come within the next 10 days and value the airports operator at up to £15bn (€21.8bn), including debt of £5bn (€7.3bn).

The moves from Singapore and fund manager Caisse de Depot et Placement du Quebec emerged as Ferrovial finalised the structure and shareholding of the consortium it is putting together to bid for BAA – the owner of seven UK airports including Heathrow, Gatwick and Stansted.

Ferrovial will need sizeable support as its stock market value of around £6bn (€8.7bn) compares with last night’s figure of £8.4bn (€12.2bn) for BAA.

Shares in BAA have soared in the last week after Ferrovial confirmed to the London Stock Exchange that it was mulling an approach to BAA.