Ferrovial expects fresh asset sale news in 6-9 mths; could sell BAA duty free |
|
|
|
Published
:
Mon, 30 Jul 2007 09:50
|
MADRID (Thomson Financial) - Grupo Ferrovial SA expects to announce new asset sales in the next six to nine months, with the disposal of BAA's duty free business amongst possible details, said FD Nicolas Villen.In a conference call with journalists on the first half to June results, Villen said the company is studying selling BAA's World Duty Free division, 'which is not a strategic asset for us' to reduce the UK airports operator's debt.Other possible asset sales include minority stakes in six airports in Australia and some real estate operations, namely the group's property development unit Lynton.But Villen added that the group's share in Naples airport is 'not for sale at the moment'.On the planned around 10 bln stg refinancing operation planned for BAA's debt, Villen said: 'This (deal) is going ahead slowly but surely...we hope to complete before year-end...it's a very complex operation.'While not playing down the possible impact of global credit crunch fears, the FD noted that the operation to securitise BAA's debt will be 'investment grade'.tfn.europemadrid@thomson.comjdy/cve/cm2COPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
|
|
|
|
Print this Story
TFN NEWS BRIEFING: Mergers and acquisitions highlights to 09:20 BST 