Ferrovial to sell chunk of BAA

Ferrovial is to sell off 10 per cent of British airports group BAA, the Spanish conglomerate said yesterday.

Ferrovial has held more than 55 per cent of the company – which owns airports including Heathrow and Stansted – since a €16bn (£14.2bn) takeover in 2006. But the group now thinks BAA is undervalued, and is using the stake sale as a way of "putting fresh valuations" on its assets, chief executive Iñigo Meiras said. Ferrovial stressed that the sale is not a prelude to it cutting ties with BAA.