UK. Any bidder for airport operator BAA would be expected to invest in new runways at London Heathrow and Stansted, the British government has warned.
In a statement reported by The Daily Telegraph, Transport Secretary Alistair Darling said: “It is important any owner of a London airport should recognise the significant near and medium-term investment requirements. This is likely to require the maintenance of credit quality sufficient to ensure the cost-effective financing of future investment.”
He added: “This is most urgent in the South East of England, where the [Aviation] White Paper recommends two additional runways be provided by 2030, with the first to be delivered as soon as possible at Stansted.”
Last week Ferrovial made an informal offer of 810p-a-share bid for BAA, valuing the company at £8.8bn. BAA’s board rejected the offer on Friday.
Ferrovial said: “We have always said we are committed to honouring BAA’s cap-ex programme.”
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