BAA turns downs £8.75bn takeover bid

Airports operator BAA today rejected the terms of a takeover approach worth £8.75bn (€12.6bn) from the Spanish infrastructure company Ferrovial.

BAA, which owns seven UK airports including Heathrow and Gatwick, said it had no hesitation in dismissing the proposal, which it said did not begin to reflect the value of BAA’s “unique portfolio of airport assets”.