BAA ltd Airport Operator BAA Shoots Down $15 Billion Offer

BAA, which runs Gatwick and Heathrow airports in London, flatly rejected on Friday a $15 billion offer from Grupo Ferrovial of Spain and declared that it would not even enter into discussions on the matter.
It was a rocky start for Grupo Ferrovial’s formal bid, which the Spanish construction company has reportedly been preparing for weeks. Macquarie Bank of Australia is also said to be considering an offer for BAA, with private equity firm Blackstone Group as a potential partner.
BAA’s board, which is getting financial advice from Rothschild and UBS, said in a statement that Ferrovial’s offer “does not begin to reflect the true value of BAA’s unique portfolio of airport assets.”

Ferrovial on Friday confirmed that it made a bid for BAA as part of a consortium that includes Canadian fund manager Caisse de depot et placement du Quebec and investment company GIC Special Investments Pte Ltd. of Singapore.

From Ferrovial’s statement:
The consortium believes the proposal offers attractive value for BAA shareholders and hence is disappointed that BAA has chosen to reject the proposal without further discussion.

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