Ewing to stay on as Ferrovial buys out BAA
Margaret Ewing, FD of BAA, looks set to keep her position on the company’s board following Spanish company Ferrovial’s successful bid for the airport operator
The battle for control of BAA has been fierce, with Ewing and chief executive
Mike Clasper fending off a number of bids from the Spanish infrastructure group
before settling on a 950p per share offer that values BAA at £10.3bn.
The struggle over the owner of Heathrow (right) and Gatwick prompted
speculation that if Ferrovial was successful in its bid for BAA, it would seek
to clear out the board and bring in its own people.
But Ferrovial chairman Rafael del Pino said this week that the company was
planning to keep the current BAA board intact.
‘We are delighted to have reached an amicable agreement with BAA. We are
committed to co-operating with current management,’ del Pino said.
The successful bid will have no impact on which firm conducts the company’s
£700,000 audit, as PricewaterhouseCoopers audits both Ferrovial and BAA.
For more on the Ferrovial deal, go to baa.co.uk