Macquarie snares stake | The Courier-Mail

Macquarie snares stake | The Courier-Mail: "Macquarie snares stake
Selwyn Parker
June 12, 2006IT was buried deep down in the fine print of Spanish Ferrovial group's successful takeover documents last week for BAA, the British airport operator.
Just two paragraphs on page 11, section 8, outline the arrangement Macquarie Bank has with Ferrovial that attracted the attention of Australia's regulators and which could have stalled the Madrid-based group's �10.3 billion ($A25.4 billion) bid.
They show the Madrid-based company could sell its highly profitable, 20.9 per cent interest in Sydney international airport to Macquarie under a set of put and call options. At a valuation done in November, the stake is worth about �412 million.
The conditions attached to the documents show that the options can be exercised only if the Ferrovial group picks up more than 50 per cent of the voting rights of BAA's share capital, which it is now certain to do.
Reading between the lines, it also shows Macquarie Bank has bounced back from the debacle of its bid for the London Stock Exchange and is once again doing what it does best. Namely, toll roads, airports and other long-term, lucrative infrastructure. "