BAA accepts takeover bid-20--M.

BAA accepts takeover bid-20--M.: "BAA accepts takeover bid

Airports operator BAA has agreed to support a takeover bid by Spanish building group Ferrovial after weeks of negotiations.

BAA, which operates seven UK airports including Heathrow, Gatwick and Stansted, had resisted being bought out since it was first approached by Ferrovial in February, but late last night it decided to accept an offer of 950.25 pence a share, valuing the business at �10bn.

A consortium led by US-based investment house Goldman Sachs was also bidding, but it is believed Ferrovial was preferred because of the logistic sense of it combining its assets with those of BAA.

BAA has attracted the takeover bids despite the possibility of it becoming the subject of a competition probe by the Office of Fair Trading.

Last month the OFT said it might investigate whether BAA's dominance as an airport operator was against the public interest. "