BAA has revealed plans to spend £9.5bn on expanding its three London airports over the next 10 years.
It admitted the timetable was slipping for its £2.7bn project to expand Stansted. The £1.7bn first phase, of the Stansted Generation 2 project, was now likely to be finished in 2015-16.
It was working towards an earliest possible opening date of late 2013 but feared planning delays would lead to a hold-up of at least two years.
The disclosure came as it called on shareholder to spurn the 810p-a-share hostile takeover bid by Ferrovial which its first defence document against the bid said did not begin to reflect “the true value” of the group.
It hinted at a return of capital for shareholders.
References: Financial Times 04/05/06 page 18 (Lex), page 20, The Times 04/05/06 page 50 (Need to know), page 52, The Daily Telegraph 04/05/06 page B3, The Guardian 04/05/06 page 27 (Viewpoint), page 28, The Indep
