Ferrovial says 'considerations are at a preliminary stage' for possible takeover as shares at airport operator jump 20%.
Spanish contracting giant Ferrovial is planning a possible takeover bid for BAA, the client on Heathrow Terminal 5 and owner of seven UK airports.
Grupo Ferrovial, the parent company of construction firm Amey, said in a statement that no approach had yet been made, but that any offer was likely to be as part of a consortium. BAA is currently valued at more than 拢8 bn.
BAA shares jumped by as much as 20% following the surprise statement from Ferrovial, which already has a 50% stake in Bristol airport and complete ownership of Belfast City airport.
The UK company also owns and operates Gatwick, Stansted, Edinburgh, Glasgow, Aberdeen and Southampton airports.
Ferrovial's considerations are at a preliminary stage and there is no certainty that any offer will be made. No approach has yet been made to the board of BAA.
Ferrovial statement
Ferrovial issued a statement on its position in response to recent movements in the BAA share price.
It said: "Ferrovial's considerations are at a preliminary stage and there is no certainty that any offer will be made. No approach has yet been made to the board of BAA."
The company is one of Europe's leading construction, services and infrastructure groups. It has annual revenues of more than 拢4.8bn.
