BBC NEWS | Business | BAA details Ferrovial bid defence

BBC NEWS | Business | BAA details Ferrovial bid defence: "BAA details Ferrovial bid defence

BAA is attracting much bid interest
Airports group BAA has set out the reasons why it thinks its shareholders should reject the �8.75bn ($16bn) takeover bid from Spain's Ferrovial.
BAA said it was ideally placed to take advantage of growth in air travel and it had a 'first rate' management team.
Chief executive Mike Clasper urged shareholders not to sell their shares. 'It's not the right time. It's not the right price,' he said.
BAA runs seven UK airports including London's Heathrow and Gatwick.
A consortium headed by Ferrovial first approached BAA with the offer of a possible 810-pence-per-share takeover in March, but after BAA rejected the move Ferrovial launched a hostile bid in April at the same price.
BAA also rejected a 870-pence-per-share offer from a consortium led by Goldman Sachs in April.
'Exceptional' opportunities
BAA said it was in a prime position to take advantage of the ongoing growth in the global air market.
It added that the value of its three London airports - Heathrow, Stansted and Gatwick - was growing rapidly, and that the skills it developed at these airports were being used to improve profits at its other sites.
'Ferrovial's offer of 810 pence does not take account of the value BAA generates from its London airports, its non-London airports and the exceptional opportunity that lies ahead,' said BAA chairman Marcus Agius.
'The BAA board is determined that neither they nor anyone else should be allowed to buy BAA on the cheap.' "