17.08.08
International infrastructure groups are reported to have approached BAA with offers to buy Gatwick Airport for up to £3 billion. The Times reports that Germany’s Hochtief, Global Infrastructure Partners (the GE-Credit Suisse investment fund), Macquarie and Manchester Airport Group have all indicated their interest to Sir Nigel Rudd, BAA’s chairman. Other bidders, including American and Asian infrastructure funds and Middle Eastern sovereign wealth funds, are expected to enter the race in the next few months the newspaper adds.
BAA is reported to be going to put the London airport up for auction after a report this week from the Competition Commission. The watchdog is expected to say that BAA’s ownership of London’s three largest airports is against the public interest. It will be the first time the Commission has forced the sale of assets outside a takeover or merger situation. Industry executives believe BAA could even be asked to sell two of the London airports - Gatwick and Stansted - and one of its largest Scottish airports (either Glasgow or Edinburgh).
The sale process could take two years to complete and is expected eventually to yield a healthy profit for the Ferrovial-led consortium that bought BAA for £10.3 billion two years ago.
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