Ferrovial foresees sale of Gatwick airport by April

4th February 2009, Comments 0 comments

The construction group is confident it will complete the sale of Britain’s second busiest airport at the beginning of April.

MADRID – Spanish construction group Ferrovial is "confident" it will conclude the sale of Gatwick, Britain's second busiest airport, over the coming weeks, the president of the firm said Wednesday.

"Although we have not fixed a calendar, we are confident that we will complete the sale of Gatwick at the end of March or the beginning of April," Joaquin Ayuso Garcia said in a statement, adding that he expected to receive "several serious offers" for the London airport.

The company, which is selling Gatwick under pressure from competition regulators, will use all of the proceeds raised to pay down debt, he said.

In August British regulators called for Ferrovial's airport operator BAA to sell three of its seven airports in Britain - two in London and one in Scotland - in order to end a dominance they said hurts both passengers and airlines.

Garcia said Ferrovial would require "as much time as possible" to carry out the sale of Stansted airport in London and may sell a stake in airport operator BAA to reduce its debts.

"If we have a reasonable offer, as long as we did not lose management control, we would study it," he said.

British airlines have repeatedly called for the break-up of BAA, which was bought in 2006 by a consortium led by Ferrovial for GBP 10.23 billion (EUR 11.33 billion).

[AFP / Expatica]

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