Interesting how the BAA conspiracy theories have begun already. Is it perhaps more a case that BAA don't do deals if it is not in the best financial interests of the organisation?
They already have one airport at STN where the Ryanair effect appears to have seen off many of the other airlines. Perhaps they are taking an approach (similar to MAN as already mentioned) to protect the wider business interests.
I don't know but in light of the sale would the "local management team" not be isolated from the wider BAA business to avoid exactly this sort of potential "foul play"?
MOL is sabre rattling to get the best deal for his airline as well he might. Just because BAA / EDI management don't want to play doesn't necessarily mean dark & sinister forces are at work!