The Spanish construction industry groups demonstrate their voracity. While Sacyr Vallehermoso concerned French Eiffage with more than 30 of capital, the number two of the construction in Spain, Ferrovial, launched Friday a hostile bid for the main Manager of British airports, BAA. This offer, launched in partnership with the Caisse de dépôt et placement du Québec and the investment funds Singapore GIC, at a price of 810 pence per share values the British to 8.75 billion pounds, 12,58 billion. Unsurprisingly, it was immediately rejected by the leadership of the British group. "We have already made our position clear way", launched in a terse statement, Marcus Agius, the Chairman of BAA, a few hours after the announcement.
In fact, the offer is in all respects identical to the informal proposal made on March 17. Branch of BAA had categorically rejected it, considering that it did not reflect the value of the assets. "Analysts value the BAA action between 900 pence and 1,050 pence", then emphasized the spokesman for the company. But the impassiveness of Spanish to the arguments of the British explained.
On the one hand, there is no White Knight "obvious", likely to support BAA, noted Nick Van Denbrul, analyst with Exane. The Group of French construction, da Vinci, a time interested in airports, has already spent almost EUR 6 billion to buy 50,37 of the ASF, and is now unlikely ever to consider participation in BAA decision-making. Especially, Ferrovial ensured the support of its main competitor, the Australian Macquarie Group. End of March, the consortium led by Spanish concluded an agreement stipulating that success of the OPA it to resell its interests in Bristol and Sydney airports. "Which explains that Spanish is not more competitive", said Nick Van Denbrul.
Vulnerability of the British
In addition, Ferrovial has lifted the obstacle that BAA had put on his way by introducing, last month, clauses of reimbursement in two recent bond issues in the case of change of ownership. "The financing plan is sealed off", confirms the Ferrovial spokesman.
In the end, the UK is therefore very vulnerable, so there is no hard core of shareholders. And even if Ferrovial said diplomatically that he "remains willing to engage in dialogue with BAA", Spanish can make an offer directly to shareholders. These are therefore the latter, and especially institutional investors, holders of 86.1 of the capital, that he will have to convince. The proposed 810 pence could prove to be insufficient on a scholarship course which stagnates over 820 pence. "The offer is above all a question of procedure and calendar", is noted in the entourage of Ferrovial. Spanish was indeed required by British Constable of the mergers and acquisitions, Takeover Panel to make its intentions before April 24. Ferrovial has now 28 days to table its offer to the authorities. In the meantime, it may raise its prices to ensure control of 7 airports by BAA in England, including that of Heathrow, first European platform by number of passengers. The market seems to rely on such a scenario: Friday, the BAA title indeed closed an increase of 1.50 to 847 pence.
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