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Ferrovial 'committed' to BAA infrastructure plans

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SPANISH INFRASTRUCTURE giant Ferrovial said this week it was committed to maintaining BAA's construction programme if it succeeded in taking over the airport operator.

Ferrovial also said it was more interested in managing BAA's assets than awarding itself airport construction work.

Ferrovial has put its bid together with banks Caisse de Depot et Placement de Quebec and GIC Special Investments.

'The consortium intends to focus on investment in the UK and to enhance airport capacity, in particular in south east England, ' it said in a statement.

Last week BAA announced that it had rejected an offer of 810p per share from Ferrovial.

Ferrovial made the offer at a meeting with BAA chairman Marcus Aigus last week, but BAA indicated that the offer undervalued the company.

This was despite the fact that BAA shares had been trading at around 634p before news of Ferrovial's intention to bid leaked out last month (NCE last week).

Ferrovial said it now planned to approach BAA shareholders directly, hinting that it might increase its offer. Feedback from shareholders will determine whether it launches a hostile takeover bid or abandons its plans.

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