Ferrovial ups offer for UK airports

The Spanish consortium bidding for Heathrow-owner BAA said today it had increased its offer for the company from £8.75bn (€12.8bn) to £9.73bn (€14.2bn).

The increased offer of 900p a share was rejected by BAA but represents a premium of 41% to the average share price before bid speculation began in February and is 11% more than Ferrovial’s previous offer.