Ferrovial to sell Budapest Airport to Hochtief for 1.8 bln eur - report - Forbes.com

Ferrovial to sell Budapest Airport to Hochtief for 1.8 bln eur - report - Forbes.com: Ferrovial to sell Budapest Airport to Hochtief for 1.8 bln eur - report
10.23.2006, 04:22 AM


MADRID (AFX) - Grupo Ferrovial SA plans to sell its unit BAA's majority stake in Budapest Airport to the German builder Hochtief AG for 1.8 bln eur, Cinco Dias reported at the weekend, citing sources from the Hungarian airport.

Ferrovial is also looking to sell off BAA's Naples airport as part of the unit's restructuring, Cinco Dias said, citing market sources.

Separately, Europa Press reported Ferrovial's BAA is selling its stake in Budapest Airport to Hochtief for 1.930 bln eur.

On Friday, Hochtief said a consortium of which it holds almost 50 pct signed a memorandum of understanding (MoU) to acquire BAA's stake of 75 pct minus one share in Budapest Airport, but did not provide financial details of the operation.

BAA bought the stake of 75 pct minus one share, plus the 75-year asset management contract, for 1.255 bln stg in December 2005.