Ferrovial in move to cut its stake in BAA

By The Newsroom

Published 12th Jan 2011, 21:14 BST

Updated 13th Jan 2011, 20:18 BST

SPANISH infrastructure group Ferrovial is in talks with investors to offload 10 per cent of UK airport operator BAA in a move to slash €20.5 billion (£17.3bn) of debt.

Ferrovial owns 55.9 per cent of BAA, which operates airports including Aberdeen, Edinburgh, Glasgow and Heathrow.

By dropping its holding below 50 per cent, the Spanish firm will no longer need to consolidate BAA's debt of about €14bn on its balance sheet.