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BAA recommends £10.3 bn Ferrovial bid

Airports operator BAA looked set for foreign ownership today after

it backed a £10.3 billion takeover offer from Spanish construction giant Ferrovial.

The infrastructure group secured the support of the BAA board last

night, although a rival bid team led by US-based investment house

Goldman Sachs could still scupper its plans with a better offer.

The value of BAA soared overnight as a midnight deadline for

Ferrovial to table a new offer led the UK company into talks with

both bid teams.

BAA previously put a value of at least 940p a share on its

business, but saw Ferrovial come up with an approach worth 950.25p a

share last night. That includes the payment of a BAA dividend worth

15.25p a share.

BAA said the proposal represented an attractive price for the

company, which owns seven sites including Heathrow and Gatwick.

Goldman Sachs said it continued to review its options after it said

it failed with an approach valuing the company at 955.25p a share,

including the dividend of 15.25p a share.

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