Ferrovial’s prospects of buying BAA suffered a blow yesterday after the immediate cost of taking over the UK airport operator looked set to rise by £1.95bn.
BAA changed the terms on £1.95bn worth of bonds the company issued last week, which meant the debt would have to be repaid straight away in case of a leveraged takeover.
References: Financial Times Money & Business 11/02/06 page 13, Daily Telegraph 11/02/06 page 29
