Summary
The Spanish company Ferrovial's top-ofthe-market purchase of BAA looks no less injudicious with the passing of time. Sure, the markets now reckon that the airports operator may not default, but Gatwick was sold at a huge write-down. Now Stansted and either Edinburgh or Glasgow must be jettisoned at the behest of the Competition Commission.
While the forced sale of assets to meet regulatory demand is never comfortable, these disposals can to some extent be regarded as unfortunate rather than fatal. BAA, despite its onetime monopolistic ambitions, has always been dominated by one airport - Heathrow.See the full content of this document
Extract
The Wheels Are Falling Off at Baa's Hub
And here it is more than disconcerting to learn that senior executives, deprived of political support for a third runway, now believe they may struggle to maintain Heathrow as one of the fo...
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