Movers: Ferrovial shares tumble on hints of cap on fees - Marketplace by Bloomberg - International Herald Tribune

Movers: Ferrovial shares tumble on hints of cap on fees - Marketplace by Bloomberg - International Herald Tribune: "MADRID: Shares of Grupo Ferrovial, owner of airport operator BAA, fell Thursday after a British regulator indicated that tougher caps might be imposed on charges the company levies from airlines using its three London terminals.
The stock declined €2.40, or 3 percent, to €75.40, or $97.60. The Civil Aviation Authority said Thursday that it might reduce allowances made for spending on investment when it details new caps on BAA's tariffs next month.
'This is obviously not good news,' said Rebecca Langley, an airlines and airports analyst at Dresdner Kleinwort in London. 'Ferrovial will have known this was coming, but it was always going to be out of their hands, which is why the timing of their takeover bid always struck us as odd.'
Ferrovial, a large Spanish builder, bought BAA in August to lessen its reliance on construction and take control of airports including London Heathrow after passenger numbers at British terminals doubled in a decade. The aviation regulator said that it would seek to balance pricing with efforts to encourage investment in setting the new caps, which would take effect in 2008.
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Dutch head of finance quits after 12 yearsBAA, the world's largest airport operator, handles about 63 percent of flights to and from Britain. Ferrovial plans to spend about £1 billion, or $1.92 billion, annually through 2016 on upgrading London terminals Heathrow, Gatwick and Stansted."