BBC NEWS | Business | BAA agrees to Ferrovial takeover

BBC NEWS | Business | BAA agrees to Ferrovial takeover: "BAA agrees to Ferrovial takeover

The takeover by Ferrovial comes after weeks of discussions
Airports operator BAA has confirmed its support for a takeover by Spanish building group Ferrovial.
BAA, which runs seven UK airports, has agreed to an offer of 950.25 pence a share offer, valuing it at �10.3bn.
Ferrovial beat off competition from a consortium led by US bank Goldman Sachs, which said it had made an offer worth a total of 955.25p a share.
Goldman Sachs urged shareholders 'to take no action' and promised a further announcement 'in due course'.
On Tuesday, the Takeover Panel extended the deadline for a bid from the Goldman Sachs consortium to 16 June.
Bid battle
BAA, which operates airports handling 63% of all air passengers entering or leaving the UK, had previously resisted being taken over, but is now recommending the Ferrovial approach to shareholders.
Ferrovial's latest offer marks a 17% price increase on its original 810 pence-per-share approach, and is 49% than the level BAA's share price was at before Ferrovial's interest became known.
BAA PASSENGER NUMBERS*
Heathrow - 67.7 million a year
Gatwick - 32 million
Stansted - 22 million
Southampton - 1.5 million
Glasgow - 8.7 million
Edinburgh - 8 million
Aberdeen - 2.7 million
Source: BAA


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Discussions regarding a takeover have been going on since February, when Ferrovial said it was considering an approach for the Heathrow Airport operator.
Two months later, the Spanish group made a hostile takeover bid for BAA, after the UK firm's board rejected its approaches.
The Ferrovial consortium's 950.25p-per-share offer includes a proposed final dividend of 15.25p"