BAA Gatwick bidder refuses to up US$2.3 billion offer

A POTENTIAL buyer's withdrawal after a refusal to increase the offer for Gatwick airport signals new problems for the debt-ridden British Airport Authority (BAA) which sees the bid of GBP1.4 billion (US$2.3 billion) falling GBP100 million short of the sale price.

The sole bid from the consortium made up of the Manchester Airports Group (MAG) and Canadian infrastructure company Borealis consortium came after figures showed Gatwick cargo performance dropped of 45.5 per cent year on year, reported London's International Freighting Weekly.

BAA has been forced to sell three of its properties in the next two years including Stansted airport, and either Edinburgh or Glasgow airports, added the report.

(Source: www.schednet.com)