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Engineering numbers

13 February 2006 By Fiona Maharg-Bravo

Given BAA’s utilitystyle cashflows, Ferrovial could borrow £12bn against it close to the £14.6bn they’d need for a 900p a share offer. True, BAA’s costly expansion plans could be a problem. But Ferrovial’s seasoned financial engineers could park these offbalance sheet.

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