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| BAA shareholders approve financial optimisation plan Spanish builder Ferrovial and its partners have implemented a plan to optimise the financial structure of BAA by an estimated 500 million pounds sterling (557.5 million euro) in order to strengthen the capital base of the group's regulated airports, which are located in London. The plan will lay the groundwork for BAA to issue bonds. Approximately 60% of the plan will involve funds available within FGP Topco, the parent company of the airport management group, capitalising approximately 300 million pounds (334 million euro). The shareholders have also undertaken to provide up to 200 million pounds (223 million euro) in cash, in proportion to their stakes in BAA. Ferrovial, which owns 55.8% of BAA, will contribute around 112 million pounds (125 million euro). The capital contributions will be paid in the early part of 2010. write your comments about the article :: © 2009 Construction News :: home page |