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FERROVIAL TO SELL?

DEBT-LADEN FERROVIAL, the Spanish construction group which bought BAA for £10.3 billion just three years ago, is considering selling part of its stake in the airports operator.

The infrastructure company owes almost £26 billion, and although it expects to recoup around £1.8 billion from the sale of Gatwick, the recession-induced collapse of Spain's construction market has made life even more diffi cult for chief executive Joaquin Ayuso. Ferrovial has made clear it is not actively looking for buyers for an unspecifi ed chunk of the business, but says that if an offer was forthcoming, it would be considered.

Ironically, the UK Competition Commission could lighten Ferrovial's load by insisting on a further break-up of the airports group. The commission seems likely to recommend the sale not only of Gatwick, but also of Stansted and either Edinburgh or Glasgow airports as well, taking the price-tag nearer to £4 billion.