Tall order

29 March 2006 By Simon Nixon

That s bad news for the UK airports operator. Not only does it make it more likely that the Spanish will go ahead with a firm offer. But it also removes a potential rival bidder. Even so, Ferrovial still has to raise its bid substantially if it is to stand a chance.

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Ferrovial has hired Macquarie Bank as an adviser on its possible bid for BAA, the UK airports operator. The Australian bank had been seen as a potential rival bidder to the consortium headed by the Spanish construction group.

As part of the deal, Ferrovial has also granted Macquarie an option to buy its 20.9% stake in Sydney Airport and 50% stake in Bristol Airport for a combined price of at least E700m should its bid for BAA be successful.

Earlier this month, BAA rejected an indicative offer of 810p a share from Ferrovial. The Spanish construction group now has until 24th April to make a firm offer or walk away, following a ruling by the UK Takeover Panel.

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