Setback for Ferrovial as Gatwick bidder quits
UK airport, have been hit by the withdrawal of one of its two remaining bidders.
leaves the Spanish infrastructure group with only one remaining offer, from a
consortium led by Manchester Airports Group and Borealis, the Canadian infrastructure
group, have been forced to rein in their price ambitions, as the Gatwick sell-off
has been hit by the credit crunch, increasing bidders’ difficulties in raising
bank debt, and by the recession, which has hit BAA airports’ operating performance.
discussions going on with more than one bidder."
bids of up to £1.8bn ($2.8bn), and in recent days it had still been aiming to
secure a bid close to £1.6bn, the estimated value of the regulated asset base
the target, however, in the range of £1.36- £1.4bn.
remain interested in Gatwick but have pulled out of the current sale process.
Lysander was ejected when its £1.18bn offer fell behind the rival bids.
is yet to finalise agreement with all the banks in its debt consortium.
up with Borealis, the Canadian infrastructure fund which will be lead equity investor,
and the Greater Manchester Pension Fund. It is being advised by Dresdner Kleinwort with Barclays Capital leading its
the group – it controls seven UK airports including Heathrow, Gatwick and Stansted
airports – which has been ordered by the UK competition watchdog.
financial impact of introducing competition", in particular by requiring it to
sell three airports within two years "in the current financial and economic circumstances".