06/06/2006
Ferrovial to take over BAA
Spanish building firm Ferrovial has had its takeover offer for airports operator BAA accepted, it has been reported.
BAA, which runs seven UK airports including Heathrow, Gatwick and Stansted, has confirmed that it has accepted an offer of 950.25 pence per share from Ferrovial, valuing the firm at just over £10 billion.
The announcement comes after a consortium led by US bank Goldman Sachs had made an offer of 955.25 per share, higher than the Ferrovial offer.
The consortium has now had the deadline extended to make a bid until June 16.
Goldman Sachs said that it is reviewing its options and urged BAA shareholders to take no action at the moment.
Both offers include a special final dividend payment of 15.25 pence per share.
In a statement released by BAA on Tuesday, the firm said that Ferrovial's offer "represents an attractive price of BAA" and that a further announcement would be made shortly.
Ferrovial has shares in Bristol airport and Sydney airport and also owns George Best Belfast City Airport.
(KMcA/GB)
BAA, which runs seven UK airports including Heathrow, Gatwick and Stansted, has confirmed that it has accepted an offer of 950.25 pence per share from Ferrovial, valuing the firm at just over £10 billion.
The announcement comes after a consortium led by US bank Goldman Sachs had made an offer of 955.25 per share, higher than the Ferrovial offer.
The consortium has now had the deadline extended to make a bid until June 16.
Goldman Sachs said that it is reviewing its options and urged BAA shareholders to take no action at the moment.
Both offers include a special final dividend payment of 15.25 pence per share.
In a statement released by BAA on Tuesday, the firm said that Ferrovial's offer "represents an attractive price of BAA" and that a further announcement would be made shortly.
Ferrovial has shares in Bristol airport and Sydney airport and also owns George Best Belfast City Airport.
(KMcA/GB)
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