BAA has laid out its defence against a £8.75 billion takeover bid from Spanish construction group Ferrovial, warning shareholders, "it's not the right time, it's not the right price".
The world's largest airports operator, whose portfolio includes Gatwick, Heathrow and Stansted, argued these airports were not reflected by the Ferrovial offer.
BAA said it expected even higher returns from its other airports, including those in Scotland where it has an 84 per cent share of the market for air travel. It also believes the bid is too low.
Thursday, May 4, 2006
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