There's a lot of cash waiting to be spent at Ferrovial, the Spanish construction giant. And it seems intent on investing that money in the UK. From the headlines and reports surrounding last week's announcement that it wants to buy BAA, the largest airport operator in Europe and one of UK construction's most important clients, it would be easy to conclude that the move is something of a shock. Upon reflection, however, Ferrovial's thinking has been clear for some time: its interest in the UK market was demonstrated by the acquisition of support services outfit Amey for pound;81 m in 2003 and it has been avidly pursuing airport deals over the past few years. This is a vital deal for Ferrovial. It is desperate to be seen as the major player in the markets in which it operates and takes great pride that last year's pound;440m purchase of Swissport made it the world's number one cargo handler. If successful, the BAA deal will make Ferrovial the world's largest airport operator, emerging from the shadows of its rivals, such as sometime bidding partner Macquarie, an Australian investment bank. The consequences for contractors are clear - it would give Ferrovial a stranglehold on a vast forward order book over the next 10 years, including pound;6.8bn of investment in Heathrow, Gatwick and Stansted, and could lead the Spanish contractor to bring in its own people, renegotiating existing contracts or altering construction programmes.
展开▼
