TheMoodieReport.com

TheMoodieReport.com: "Ferrovial says it could handle forced sale of BAA assets; WDF part of strategic review � 03/07/06
Source: �The Moodie Report
By Dermot Davitt
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SPAIN/UK. Grupo Ferrovial � the lead investor in the consortium that is buying BAA � said today that it could manage any sale of BAA assets, should it be forced into divesting part of the business by competition authorities. The UK Office of Fair Trading (OFT) said on Friday that it would investigate the structure of the airports market.

Speaking to analysts at a presentation about the purchase of BAA, Ferrovial CEO Joaqu�n Ayuso Garc�a said: �Supposing we had to sell some of the assets, it wouldn't be that bad. We will collaborate [with the OFT] to study the situation.'

Last week the Ferrovial-led Airport Development and Investment consortium declared its �10.3 billion purchase of BAA unconditional and appointed ten non-executive directors to the BAA board.

Today, in a special presentation, Ferrovial outlined its strategic interest in BAA and its analysis of the business.

Ferrovial outlined its commitment to further expansion at London Heathrow and Stansted airports, and to maintaining the leading position of the London airports in the global market. But it confirmed that other assets, including World Duty Free, the international airports and property arm BAA Lynton would all be subject to strategic review.

Ayuso said that the consortium would consider selling part of BAA after an 18-month lock-in period agreed with shareholders. He also said that ADI had not ruled out re-listing BAA on the stock exchange, although it has to wait at least five years before it can do so.

Ferrovial also said it was considering reducing its stake"