Ferrovial 'sells stake in BAA'
Ferrovial is set to sell its stake in BAA.
A Spanish firm with shares in BAA is to sell its investments in order to focus on negotiation strategies in the acquiring of airports in its home country.
Ferrovial, which also completed the enforced sale of two of BAA's airports, is estimated to make up to £2 billion from the move and is looking to take over AENA's Madrid Barajas or Barcelona's El Prat airports.
According to Reuters, the company, which has interests in infrastructure, pensions and sovereign wealth funds, is to sell the 10 per cent BAA stake at some point in 2011, but could be particular about the recipient.
"Ferrovial seems to want at least £300 million. They know such airport assets are hard to find," one banker with knowledge of the industry told the news agency.
The investing firm currently has 70,000 employees in 15 different countries and manages infrastructure developments such as Canada's 407ETR highway and municipal services in Spanish cities.