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Manchester airport set to buy Gatwick after break-up
Benedict Moore-Bridger, Evening Standard18.08.08
The owner of Manchester airport today said it was ready to take over Gatwick ahead of the publication of a report on BAA's monopoly.
The Competition Commission is expected to recommend the break-up of the British airport operator's sole control of the main London and Scottish airports this week.
It means Gatwick is likely to go up for auction, with the Manchester Airport-Group confirming it wants to buy London's second airport.
However MAG, which is owned by 11 local authorities, is unlikely to have the resources to buy Gatwick outright at a price of up to £3 billion and will look for another investor.
Others thought to be interested in the airport include Australian financial services group Macquarie, German construction group Hochtief and Global Infrastructure Partners, backed by Credit Suisse and General Electric.
If the Competition Commission decides that BAA's ownership of London's three biggest airports is not in the public interest, it will be the first time it has forced an asset sale outside of a traditional merger or takeover.
BAA is resigned to being forced to sell at least one of its London airports - most probably Stansted.
That would have serious consequences for Ferrovial, BAA's Spanish owner, which led a consortium that took over the airports operator for £10.1 billion in 2006.
Geoff Muirhead, chief executive of MAG, said: "The group is interested in acquiring assets that will add value for our shareholders."
