Ferrovial to offload 10% of BAA

Ferrovial is to sell off 10 per cent of British airports group BAA, reported The Independent.

The Spanish conglomerate holds more than 55 per cent of the company, which owns airports including Heathrow and Stansted, since a US$22.5 billion takeover in 2006.

But the group now thinks BAA is undervalued, and is using the stake sale as a way of "putting fresh valuations" on its assets, chief executive Iñigo Meiras said.

Ferrovial stressed that the sale is not a prelude to it cutting ties with BAA.
(Source:www.cargonewsasia.com)