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TheMoodieReport.com: "Ambitious Ferrovial prepares to expand its airport empire with bid for Chicago Midway Airport – 27/12/06
Source: The Wall Street Journal Europe: The Moodie Report
By Dermot Davitt
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SPAIN/US. Spanish construction company Grupo Ferrovial, leader of the consortium that acquired BAA this year, has said it is in talks with Chicago city authorities about a bid for Midway International Airport.

If its bid for the airport succeeds, it would be the company’s first move into the airport business in the US. Midway is Chicago’s second airport, after O’Hare International Airport. The privatization of Midway would be the largest for a US airport, which are almost all owned by local authorities. One of the fastest growing airports in North America Chicago Midway Airport serves over 17 million travellers each year.

Ferrovial has already laid the foundations for entry into the US. Its Cintra unit last year won a 99-year concession to operate the Chicago Skyway toll road for US$1.83 billion.

The £10.3 billion acquisition of BAA by the Ferrovial-led Airport Development and Investment consortium has dramatically changed Ferrovial’s business. From one traditionally dominated by construction and real estate, 60% of the company’s revenues are derived from services and infrastructure, including airports.

Last month the company agreed to sell its stakes in Sydney and Bristol airports to Macquarie Airports, to pay down some of the debt from the purchase of BAA. "