Bloomberg.com: Europe

Bloomberg.com: Europe: "Citigroup Is Buying 1.35 Bln Pnds of BAA, Traders Say (Update1)
June 2 (Bloomberg) -- Citigroup Inc. is buying shares worth 1.35 billion pounds ($2.52 billion) in BAA Plc, the world's biggest airport owner, according to traders familiar with the transaction.
The U.S. bank is buying 150 million shares for 900 pence apiece, said the traders, who declined to be identified. Spokespeople for Citigroup and Ferrovial declined to comment.
Citigroup is advising Grupo Ferrovial SA, Spain's second- biggest builder, on its bid for BAA.
London-based BAA on May 30 rejected 900 pence a share offer from Ferrovial as too low. Ferrovial has until June 5 to increase its bid, according to U.K. takeover rules.
Rising passenger traffic and steady earnings are prompting takeover bids for BAA, which also operates airports in Italy Hungary and the U.S. BAA also in April rebuffed a bid of 870 pence a share from a team led by Goldman Sachs Group Inc.
BAA rose 26 pence, or 3 percent, to 904 at 10:42 a.m. in London. "