View Full Version : BAA sold
LTNman
5th Jun 2006, 20:25
BBC reporting BAA will be sold for £10 billion in a secret auction ( ebay?) to a foreign buyer tonight
In trim
5th Jun 2006, 20:31
Link? Can't see it on BBC News website?
LTNman
5th Jun 2006, 20:52
Breaking news on BBC news 24
Kalium Chloride
5th Jun 2006, 20:54
Sounds like misinterpretation, at best, and rubbish at worst. BAA is a public company and can't be sold without the say-so of its shareholders.
There might have been secret discussions to agree a price which the board is prepared to recommend to shareholders, but I can't imagine how anyone could begin to claim that it's a done deal.
Speedpig
5th Jun 2006, 21:06
This is the only link on beeb website.
http://news.bbc.co.uk/1/hi/business/5047340.stm
TwinAisle
5th Jun 2006, 21:30
BBC News reporting that BAA are holding an auction overnight tonight (June 5) to decide who is going to be their new owners - Ferrovial or Goldman Sachs (wonder who's in with them?)....
http://news.bbc.co.uk/1/hi/business/5050626.stm
Going to be interesting to see the offer price - BAA's website has been urging rejection of the Ferrovial offer at 940p a share for a while now.... wish I still had my shares in them!
G-CPTN
5th Jun 2006, 21:53
The Spaniards have it. 950p / share.
Exasperated
5th Jun 2006, 21:55
This is a bit more up to date from Auntie Beeb
BAA £10bn takeover deal imminent (http://news.bbc.co.uk/1/hi/business/5050626.stm)
Looking more and more like a deal to recommend to shareholders is just around the corner
Ex
Exasperated
5th Jun 2006, 23:46
Almost there
Subject to shareholder approval
BAA agrees to Ferrovial takeover (http://news.bbc.co.uk/1/hi/business/5050626.stm)
Ex
PAXboy
6th Jun 2006, 00:37
This is a tragedy.
Now there will be no chance of a forced break up of the group.
Ferrovial will want to get their investment back and will be wanting even more savings.
Unless ... they have a fabulous plan up their sleeve to:
Buy BAA.
Break up the group and sell it's parts for more than the original group.
:cool:
ScotPilot
6th Jun 2006, 03:37
This is a tragedy.
:cool:
The question is, will this generate any more competition or will Ferrovial simply inherit the BAA's license to print money? If it doesn't then it will indeed be a tragedy.
throw a dyce
6th Jun 2006, 08:14
I'm sure I read that's if Ferrovial took over BAA,it was their intention to break up the group,possibly with the small,or Scottish airports going under the hammer.
Probably wrong but do you believe the papers?
Lost_luggage34
6th Jun 2006, 08:15
Let's hope the Mergers & Monopolies Commision do their job properly and look very seriously into the ownership of the three main London airports by one organisation.
Only two weeks ago the Chairman of BAA was interviewed stating that the initial offer from the Spaniards undervalued BAA significantly. So where did the extra funding come from ? Surely if they've raised the offer, it impacts any future investment potential ?
TwinAisle
6th Jun 2006, 08:24
S'funny, they settled at 950p, after saying that 940p was a "significant undervaluation"....
My guess is that the MMC will be taking a hard look at a foreign owned BAA , as they would if it was in UK hands. May well be that they were expecting this, hence the noises they were making earlier this year.
EC Does It
6th Jun 2006, 08:28
Its been a done deal for ages. Everyone I know connected with aviation in Spain has been buying BAA shares like theres no tomorrow. The guys in Ops here told me about it in January. Now to sell them.....
Does this also mean that, just like it is in Spain, Iberia will now have priority over all other airlines flying in and around London? :uhoh:
PAXboy
6th Jun 2006, 11:22
they settled at 950p, after saying that 940p was a "significant undervaluation".... It looks as if they had just not managed to get enough shares in for themselves and their friends but then, somone clinched a big deal and they were able to bend over and take it. :rolleyes:
Now to sell them.....
Lucky there was no insider trading then. :hmm:
Jamesair
6th Jun 2006, 11:29
No sure it is all over yet.....this is only a recommended deal....Goldman Sachs still have until the 9th June to come up with an offer and have requested shareholders of BAA to take no action on the current offer.
Flightman
6th Jun 2006, 11:35
No sure it is all over yet.....this is only a recommended deal....Goldman Sachs still have until the 9th June to come up with an offer and have requested shareholders of BAA to take no action on the current offer.
16th June actually.
chevvron
6th Jun 2006, 15:11
Don't BAA already run Barajas?
goldeneye
6th Jun 2006, 15:55
Well bang goes another British owned company. Do the UK government still have a golden share in BAA and will they still hold a stake in the new company.
Flightman
6th Jun 2006, 16:47
Well bang goes another British owned company. Do the UK government still have a golden share in BAA and will they still hold a stake in the new company.
No under EU rules the UK govt sold the golden share in 2003 ( although France and Germany ignored the ruling and kept their golden shares precisely to sto this sort of thing happening. )
Ferrovial will de-list BAA from the stock exchange and it will become a private company, solely owned by Ferrovial.
Barnaby the Bear
6th Jun 2006, 17:14
I am pretty naive when it comes to this side of things, but looking at the massive investments in Spanish Airports that appears to be going on. Wouldn't the Spanish prefer to develop their own major airports as larger European hubs at the expense of our own?
Only in the past few months Heathrow was saying they need to expand further to satisfy demand, or be over taken by other European hubs.
As I say, I am not much of a business analyst, but just a thought :}
chevvron
6th Jun 2006, 17:45
Hmm; BAA have a stake in NATS. Where does that fit in?
Flightman
6th Jun 2006, 18:27
I am pretty naive when it comes to this side of things, but looking at the massive investments in Spanish Airports that appears to be going on. Wouldn't the Spanish prefer to develop their own major airports as larger European hubs at the expense of our own?
Only in the past few months Heathrow was saying they need to expand further to satisfy demand, or be over taken by other European hubs.
As I say, I am not much of a business analyst, but just a thought :}
The regulator has said he will ensure continued investment at all the UK airports currently owned by BAA. Time will tell. :\
LGS6753
6th Jun 2006, 20:19
Ferrovial has offered 950p despite there being an MMC investigation. They may well be considering a break-up to extract value. The obvious break-out is Gatwick, which faces least capital investment but would realise £2.5bn according to press reports.
They could also break out retail, car parking, property development, etc.
This is likely to be accepted in the City (by institutional shareholders) because it's recommended, and represents a good premium. Goldman Sachs have ruled out going hostile, so are unlikely to come back with a higher offer.
The story won't be over until MMC reports, but this chapter's finished.