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Debt threat over Spanish BAA bid; [pounds sterling]20bn hurdle blocks the way in airports fightAirports bid put in jeopardy.
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The Daily Mail (London, England)
- Article date:
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April 22, 2006
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Copyright informationCOPYRIGHT 2006 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: TOM MCGHIE
THE [pounds sterling]8.75 billion hostile bid for airports operator BAA by Spanish construction giant Ferrovial may be blocked by the Civil Aviation Authority, Financial Mail has established.
Just days after the bid was tabled, it has emerged that officials at the regulator are concerned over the debt that Ferrovial would have to take on.
On top of the [pounds sterling]6.6 billion the Spaniards would have to borrow to pay for BAA, they would also have to shoulder the [pounds sterling]5 billionplus debts of BAA, Britain's leading airport operator.
To add to Ferrovial's problems, it would be locked into paying for BAA's massive expansion ...
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