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BAA agrees to sell London Stansted airport

Reported by AAP
Monday, August 20, 2012
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Spanish-owned airports operator BAA says it has finally agreed to sell Stansted airport after losing an appeal against a competition ruling that it must offload the hub.

"Having carefully considered the Court of Appeal's recent ruling, BAA has decided not to appeal to the Supreme Court and is now proceeding with the sale of Stansted airport," BAA said in a statement.

In 2009 Britain's Competition Commission ordered BAA to sell both Stansted and Gatwick airports, both closeto London, plus either its Edinburgh or Glasgow hubs in Scotland.

BAA, which has managed to hold on to London's Heathrow airport, subsequently sold its Gatwick and Edinburgh hubs to the US investment fund Global Infrastructure Partners.

"We still believe that the Competition Commission ruling fails to recognise that Stansted and Heathrow serve different markets," BAA said on Monday.

BAA's owner, Spanish construction firm Ferrovial, last week said it would sell 10.62 per cent of its stake in the airports operator to investment fund Qatar Holding for Stg478 million ($A723.80 million).

01/09/2014 21:19Sydney, Australia. 1 September,2014
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