Ferrovial boss forecasts smooth landing after takeover of BAA - Markets - Times Online

Ferrovial boss forecasts smooth landing after takeover of BAA - Markets - Times Online: "THE chairman of Ferrovial yesterday broke his months-long silence to reassure BAA�s senior managers that their jobs would be safe if he succeeds in his �10.3 billion takeover of the world�s biggest airports operator.


Rafael del Pino y Calvo-Sotelo, who was recently ranked the 56th-most influential man in Spain, said that it was too early to discuss wider job losses, but insisted that Ferrovial had a long track record of generating cost savings through balance sheet restructuring.
Se�or del Pino also played down speculation that Ferrovial would move quickly to increase landing charges for airlines at BAA�s airports because of its increased debt burden as a result of the bid. �The debt does not make any difference to the charges,� he said. Nor would the cost of servicing the debt lead to cuts in BAA�s investment programme, which includes the new Terminal 5 at Heathrow, he added.
Se�or del Pino, who usually maintains a low profile, insisted that no decision had been taken on a potential break-up of BAA if his bid succeeds. �There might be some (airport) sales, but we need to look at the assets in detail,� he said. Ferrovial could also exercise an option to sell its existing stakes in Bristol airport and Sydney airport to Macquarie, the Australian investment bank, after the BAA deal was completed, he said.
Yesterday�s agreement with BAA is the biggest prize yet for Se�or del Pino, who once said his ambitions for Ferrovial were �as big as the planet�. It also provides vindication of the chairman�s abilities.
Balatasar Montano, a journalist with the Spanish daily El Mundo, said: �There were doubts when del Pino became chairman because he was quite young. But his management has since inspired con"