Spanish builder Ferrovial said today that it has not yet received any offers for its sale of a 10% stake in British airports operator BAA but it expects to complete the deal by the end of June.
The company anticipates it will get non-binding offers later this month or early February, Ferrovial chief executive Inigo Meiras said. 'Interest has come from infrastructure and sovereign wealth funds as well as pension funds in the UK and the US,' he said.
Ferrovial holds nearly 56% of BAA but it announced it October that it planned to sell a share in the company to reduce its debt of €24.5 billion and fund other projects.
Reducing its stake in BAA below 50% would also free Ferrovial from the need to consolidate the debt of the airports operator on its balance sheet.
Ferrovial bought BAA in 2006. BAA operates six airports in Britain - London's Heathrow and Stansted airports, as well as Southampton in southern England and Aberdeen, Edinburgh and Glasgow in Scotland.
