Ferrovial says no offers yet for BAA stake

13th January 2011, Comments 0 comments

Spanish builder Ferrovial said Thursday it has not yet received any offers for its sale of a 10 percent stake in British airports operator BAA but it expects to complete the deal by the end of June.

The company anticipates it will get non-binding offers later this month or early February, Ferrovial chief executive Inigo Meiras told a press conference.

"Interest has come from infrastructure and sovereign wealth funds as well as pension funds in the UK and the US," he said.

Ferrovial holds nearly 56 percent of BAA but it announced it October that it planned to sell a share in the company to reduce its debt of 24.5 billion euros (32 billion dollars) and fund other projects.

Reducing its stake in BAA below 50 percent would also free Ferrovial from the need to consolidate the debt of the airports operator on its balance sheet.

Ferrovial bought BAA in 2006. BAA operates six airports in Britain -- London's Heathrow and Stansted airports, as well as Southampton in southern England and Aberdeen, Edinburgh and Glasgow in Scotland.

© 2011 AFP

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