I know BAA is one of the most reviled companies in British aviation, but look at this from Ferrovial's POV. The Brits make a total hash of running their own major airports and desperately sell to Ferrovial to raise a lot of money (where did all that go then?). A case of 'we can't make it go, here are the keys- see if you can jump start it then!'. Ferrovial, hardly in ownership long enough to make any significant effective changes apart from put fibreglass in the wings and maybe change the battery, is then told 'it's still a load of rubbish mate! We sold it to you, but now you've got to start selling bits of it off'. In other words, although we sold Ferrovial a total lemon, we're now going to start forcibly dismembering it! How will the Ferrovial shareholders feel, and how long will the court cases go on?
In short, it's all very well forcing mismemberment, but doesn't it smack of dishonesty to have sold it to a private concern first? A bit like selling a car to someone when you know it is useless and it is going to have to be scrapped soon anyway?
Having said that, the BAA is a national disgrace, but it is our problem. The ridiculous T5 process has ensured UK plc will have to lose European airport leadership to Europe. But is it Ferrovial's fault, or a UK that is sinking into a morass of hopelessness in almost everything it does?
Surely if we are going to dismember what was bought in good faith, the whole package must be bought back from Ferrovial giving them a good return on their investment, then whoever is ultimately responsible for this balls-up that is London Airports can then sell off the bits at will? But then Ferrovial might have a bizarre idea of the value of what it currently owns! Get around that one!
Whatever, the fatcat politicians and lawyers are going to have another field day! Weren't the planning and legal fees alone for T5 something astronomic?
Last edited by Rainboe; 16th August 2008 at 08:33.