Details of BAA bid revealed

The Spanish-led consortium hoping to land BAA today revealed it had no plans to sell off any of its target’s seven UK airports if it won control.

Ferrovial and its partners disclosed more details of their plans in a formal bid document, which contained the same offer price of £8.75bn (€12.5bn) that the UK company rejected three weeks’ ago.

The consortium revealed today it had financing in place, but denied the document represented a hostile offer to shareholders as it wanted more time to bring BAA directors to the negotiating table.

It was forced into revealing details of its offer today by a looming deadline from the Takeover Panel to announce a firm intention to bid or walk away by April 24.

The offer document shows it wants to keep together BAA’s UK airports and to work with the UK government and the Civil Aviation Authority to deliver industry plans on runway and terminal development.

BAA’s UK estate is made up of Heathrow, Gatwick, Stansted, Southampton, Aberdeen, Glasgow and Edinburgh airports.