BAA airports sale - runways are the valuation key

Britain's Competition Commission (CC) set the cat amongst the pigeons on 17-Dec-08 when it confirmed an earlier suggestion that BAA be required to sell London Stansted Airport and Edinburgh Airport, in addition to London Gatwick International Airport, in a statement that is still subject to final consultation. This is despite Ferrovial's pre-emptive action to put Gatwick up for sale. The statement also requested new measures to improve investment and service at London Heathrow Airport and proposed new measures to improve investment at Aberdeen Airport. The CC expects to publish its final report in late Feb-09 or early Mar-09, after taking responses into account. BAA continues to take the line that forcing the sale of the airports may delay the introduction of new runway capacity, but the CC is expected to reject BAA's lobbying.

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