Ferrovial selling 10 per cent of BAA.

News at Heathrow 25/10/2010

Heathrow hits September travel record : 2010 : BAA pushes for end of ‘redundant’ airport safety checks

Spanish firm announces it will sell a stake in Heathrow airport operator.

Ferrovial, the airport operator based in Spain, has announced that it intends to sell off 10 per cent of its holding in BAA, the firm that runs Heathrow airport. This partial sale of a stake in BAA will help Ferrovial figure out how much BAA is worth in the market so it can price the value of its holding in BAA, according to a top executive.

Ferrovial’s CEO, Inigo Meiras, added that Heathrow airport is one of the world’s top infrastructure assets. H also reiterated that Ferrovial is committed to BAA in the long term. Ferrovial will use the money generated by the sale for other investments and to reduce some of its debts.

It is just one week since BAA lost its court appeal against a ruling by anti-monopoly authorities that it must divest itself of Stansted airport and either Edinburgh airport or Glasgow airport. The Competition Commission had decided that BAA held too much control over air traffic in and out of London and Scotland.

In a statement, Ferrovial said it would initially divest 10 per cent of its equity in BAA. The wording of the statement would seem to indicate that the company is considering a bigger sale or further sales later. Ferrovial currently owns nearly 56 per cent of the consortium that acquired BAA four years ago.

Heathrow hits September travel record : 2010 : BAA pushes for end of ‘redundant’ airport safety checks

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