Spanish steps

22 October 2014 By Fiona Maharg-Bravo

The Spanish group is chasing deals worth 1.8 bln euros in three countries including Australia. The spree echoes its 2006 pursuit of airport operator BAA, which nearly dragged it down. But these acquisitions look less risky. Thanks to savvy sales, Ferrovial has cash to spend.

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Australia’s Transfield Services on Oct. 20 rejected a non-binding takeover approach from Spain’s Ferrovial saying that the bid worth A$999.2 million ($876 million), excluding debt, undervalued the company.

The Madrid-based infrastructure group offered to buy the company that runs Australia’s detention centres for asylum seekers for A$1.95 per share in cash, less the value of any dividends or other distributions. The offer represents a premium of 30 percent to the closing price on Oct. 17. Ferrovial said it would not need external financing to make the offer.

Transfield agreed to enter into talks and allow Ferrovial limited due diligence on a non-exclusive basis to determine whether a better proposal could be put forward. Transfield shares closed at A$1.90 on Oct.21.

On Oct. 16, Ferrovial said it was buying Aberdeen, Glasgow and Southampton airports for 1.05 billion pounds from Heathrow Airport Holdings in a joint deal with Macquarie Infrastructure Fund.

On Oct. 14, Spain’s state-owned airports group Aena said Ferrovial bid for a 6.5 percent stake in the operator as one of three investors buying a 21 percent shareholding. Aena is planning to sell an additional 28 percent in an IPO next month that might value the company at 5 billion euros.

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