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Independent Online Edition > Business News: "BAA, the airports operator facing a hostile bid from Spain's Ferrovial, is spending �2m a week defending itself against the unwelcome offer, it emerged yesterday.
The company disclosed that between 8 February, when Ferrovial first made public its interest in bidding, and 31 March, a total of �15m was spent on advice from investment banks, lawyers, accountants and public relations firms.
BAA said that the total cost of defending the bid was still uncertain but would be 'significantly greater' than the �15m spent up to the beginning of April - a period which does not include either the actual launch of the Ferrovial bid or the issuing of BAA's first formal defence document.
Mike Clasper, BAA's chief executive, admitted it was a 'disgustingly high number' but added: 'We are very conscious of what this is costing and have been aggressive in negotiating the right terms, however, this is an expensive process. It is a lot of money but that is the going rate.'
BAA's defence team, led by the investment banks UBS and Rothschilds are on an incentive fee arrangement which varies according to whether they repel Ferrovial or succeed in making it pay a substantially higher price than the �8.8bn so far offered."