BAA's monopoly grip on London's three main airports only heightens the risk and depresses Ferrovial's shares.
ECONOMIST: Rafael del Pino's nightmare purchase: Heathrow airport
Ferrovial, meanwhile, already owns 50% of Bristol airport and has complete ownership of Belfast City airport.
Heathrow Airport Holdings is owned by an international consortium led by Spanish infrastructure group Ferrovial.
Cespa is the environmental services subsidiary of Ferrovial Servicios, the world's largest private transportation infrastructure investor.
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After the decision by Ferrovial, BAA's controlling shareholder, Ryanair said it did not want to "prejudice" any bid.
Its directors revealed the true state of affairs when they were trying to fend off Ferrovial's first, lower bid.
The biggest loser from a shake-up will be BAA's current owner, Ferrovial.
ECONOMIST: Breaking up BAA: A new departure for London’s airports | The
In 2008, when their father, billionaire Rafael del Pino y Moreno, passed away, they inherited Ferrovial, S.A., Spain's biggest infrastructure construction and management company.
British regulators have told Ferrovial, the Spanish owner of airport group BAA, that it'll have to sell two of its London airports to comply with antitrust rules.
BAA's auction block saga began on February 8 when its chairman, Marcus Agius , received a phone call from the chairman of Grupo Ferrovial, Rafael del Pino .
Ferrovial's interest has attracted support from budget airline Ryanair's chief executive Michael O'Leary, who has long campaigned for the break-up of BAA, according to a report in the Sunday Express.
"We regret Ferrovial's decision to exclude Ryanair from the Stansted sale process and the failure of the Competition Commission to restrain this anti-competitive and anti-customer behaviour by Ferrovial, " the airline said.
If they or anyone else were still unsure about the company's view on a takeover offer from Spanish infrastructure group Grupo Ferrovial , they'd only need to visit the British airport operator's Web site.
Ferrovial's shares have lagged the Madrid stockmarket since the deal, as worries about its level of gearing in a world of rising interest rates are compounded by the reputational risk of running the world's most-loathed airport.
ECONOMIST: Rafael del Pino's nightmare purchase: Heathrow airport
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