That stock News

Ferrovial has some 55 87pc UK airports group is determined to obtain a value for its participation in BAA - mining analysts what value either zero at above. 5bn 2 euros (￡ 2 5.3).

The move should also have the effect of allowing the Spanish society of de-consolidate its accounts - ABA coup removed the €15bn debts relating to the owner of six UK airports including Heathrow and total Stansted.Dette Ferrovial currently stand at €24. 5bn.

Ferrovial has led to the 2006 ABA - purchase agreement of ￡ 16bn, including debts owed by the operator and then ￡ 6bn airport.Other shareholders are the Canada depository et placement du Québec, which controls the 48pc 26 and the Singapore Governor in Council, with 17 65pc.

However, ownership of the Ferrovial has been tested by the regulators requiring BAA to sell Gatwick and potentially two aéroports.En until the credit crunch has highlighted the precariousness of the highly adapted BAA, agreement with the recession that is subsequent whacking number of passengers.

After refinancing, including an injection of capital own 500 m ￡ fresh, balance of BAA has strengthened and numbers of traffic récupérés.Pourtant eyebrows were raised by the time of the sale - that ABA only last week said that he would go to the Court of appeal against forced to sell Stansted and Scottish at a time where property values were depressed airport.

í?igo Meirás, Chief Executive of Ferrovial, said "" any sale based on bids re?ues.Le process, we have initiated is consistent with our strategy to establish a market value of our assets. ""

Ferrovial has refused the movement could be the first step toward BAA or a scission, M. Meirás output, said: "We want to emphasise our commitment to long-term investor in ABA remains in place."

Robert Crimes, an analyst at Credit Switzerland estimated that the planned sale cut the Ferrovial of net debt to income ratio before interest, tax, of depreciation and amortization of 9.6 times to 6.3 times for 2011 - numbers make the society appear more attractive to investors.

He reckoned Ferrovial has invested around €3. 9bn for his ABA equity participation, but the market was it leverage only 500 m €.her own assessment was United 2 euros for the holding of 56pc or "€ m 410 for 10pc".

Tongue bankers to handle the sale, however, believe that Ferrovial could get up to 500 m ￡ for a set of 10pc.

Ferrovial sharing roses 20 cents to €8,07.

View the original article here