The Spanish construction giant Ferrovial has just issued a statement saying it is considering leading a take-over bid for UK airport operator BAA (formerly the British Airports Authority).
The group says in a statement to the London Stock Exchange: "Further to recent movements in BAA's share price, Ferrovial announces that it is currently considering making an offer for the entire issued and to be issued share capital of BAA. Any such offer would be in cash and would be likely to be as part of a consortium."
The statement adds that Ferrovial's considerations are at a preliminary stage and there is no certainty that any offer will be made.
Ferrovial is one of Europe's leading construction, services and infrastructure contractors, with annual revenues of €7.3 billion ($8.7 billion). Ferrovial has made significant investments outside Spain, with 43% of operating profit coming from outside Spain. Much of its projects are in the transport infrastructure segment, mainly rail and road.
Ferrovial's airport investments include owning 50% of Bristol, 100% of Belfast City and 20.9% of Sydney airport. Ferrovial has also recently acquired 100% in shares of the Swiss airport handling company, Swissport International.
The BAA board has yet to be approached formally. No further details are available.