Ferrovial to sell 10% stake in BAA - BBC News

[Mizter T]

[x-posted to air newsgroups]

Spanish airport operator Ferrovial has said it will sell a 10% stake
in BAA, the operator of Heathrow airport.
The partial sale would help the Spanish company establish a market
value for its stake, said Ferrovial's chief executive, Inigo Meiras.
"Heathrow is one of the best infrastructure assets in the world,"
boasted Mr Meiras, who reaffirmed his company's long-term commitment
to BAA.
Proceeds will be used to fund other investments and to pay down debts.
The announcement comes a week after BAA lost an appeal against a
ruling that it must spin off Stansted airport, as well as either
Glasgow or Edinburgh airport.
The Competition Commission deemed the company's dominance of air
traffic into and out of Scotland and London to be unacceptable.
http://www.bbc.co.uk/news/business-11604623

Interesting - though Ferrovial might just be doing what they say they're
doing, and don't have any current intention of selling up.

I'd missed the news about the Court of Appeal ruling in favour of the
Competition Commission's take on BAA and Stansted - though I see from this
report that BAA are looking to further appeal to the Supreme Court, so it
might not be decided just yet:
http://www.bbc.co.uk/news/business-11531559

[Bruce]

Post by Mizter T
[x-posted to air newsgroups]

Spanish airport operator Ferrovial has said it will sell a 10% stake
in BAA, the operator of Heathrow airport.
The partial sale would help the Spanish company establish a market
value for its stake, said Ferrovial's chief executive, Inigo Meiras.
"Heathrow is one of the best infrastructure assets in the world,"
boasted Mr Meiras, who reaffirmed his company's long-term commitment
to BAA.
Proceeds will be used to fund other investments and to pay down debts.
The announcement comes a week after BAA lost an appeal against a
ruling that it must spin off Stansted airport, as well as either
Glasgow or Edinburgh airport.
The Competition Commission deemed the company's dominance of air
traffic into and out of Scotland and London to be unacceptable.
http://www.bbc.co.uk/news/business-11604623

Interesting - though Ferrovial might just be doing what they say they're
doing, and don't have any current intention of selling up.

The sale would take Ferrovial's stake in BAA from 56% to 46%. Later
on tin the article (I only posted an excerpt) Ferrovial were reported
as saying the sale would help them put a value on their total stake.

Post by Mizter T
I'd missed the news about the Court of Appeal ruling in favour of the
Competition Commission's take on BAA and Stansted - though I see from this
report that BAA are looking to further appeal to the Supreme Court, so it
http://www.bbc.co.uk/news/business-11531559

I had missed that too, but with Heathrow so strongly dominating the
London market, the ruling was probably inevitable. It will be
interesting to see what the Supreme Court makes of it.

[tim....]

Post by Mizter T
[x-posted to air newsgroups]

Spanish airport operator Ferrovial has said it will sell a 10% stake
in BAA, the operator of Heathrow airport.
The partial sale would help the Spanish company establish a market
value for its stake, said Ferrovial's chief executive, Inigo Meiras.
"Heathrow is one of the best infrastructure assets in the world,"
boasted Mr Meiras, who reaffirmed his company's long-term commitment
to BAA.
Proceeds will be used to fund other investments and to pay down debts.
The announcement comes a week after BAA lost an appeal against a
ruling that it must spin off Stansted airport, as well as either
Glasgow or Edinburgh airport.
The Competition Commission deemed the company's dominance of air
traffic into and out of Scotland and London to be unacceptable.
http://www.bbc.co.uk/news/business-11604623

Interesting - though Ferrovial might just be doing what they say they're
doing, and don't have any current intention of selling up.
I'd missed the news about the Court of Appeal ruling in favour of the
Competition Commission's take on BAA and Stansted - though I see from this
report that BAA are looking to further appeal to the Supreme Court, so it
http://www.bbc.co.uk/news/business-11531559

I'm sure that they will be taking this as far as they can.

Not because they expect to win, but because NOW is the wrong time to be
selling large commercial property assets.

tim