TheMoodieReport.com

TheMoodieReport.com: "Observer newspaper predicts joint Macquarie/Ferrovial bid for BAA �within days� � 27/02/06
Source: The Observer; The Moodie Report
By Martin Moodie
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UK/AUSTRALIA. Australia�s Macquarie Group is set to join forces with Spanish construction giant Ferrovial to mount a �15 billion takeover bid for UK airports operator BAA, according to a report in Sunday�s edition of The Observer
An offer for BAA will be tabled �within days�, the newspaper claimed.

It said Macquarie has switched its sights to BAA after abandoning its �1.5 billion takeover campaign for the London Stock Exchange following the failure to win support from the board and major institutional customers.

Macquarie already shares ownership interests in Bristol and Sydney airports with Ferrovial.

The report said Ferrovial will update investors on its bid preparations when its financial results are released on Monday.

As reported, a Ferrovial-led consortium may also feature Canadian fund manager Caisse de Depot et Placement du Quebec and the Singapore government.

On Friday, airports regular the Civil Aviation Authority (CAA) indicated its concern about any takeover bid for BAA that required large amounts of debt. The CAA stressed that it was not prepared to raise caps on airport charges to allow any bidder to generate enough cash to pay down takeover-related debt. "