BAA takeover battle heats up

The Commonwealth Bank of Australia has joined a Goldman Sachs-led group interested in buying BAA, the UK airports operator.The Spanish company Ferrovial, who have increased their initial bid already, now face a deadline of midnight on Monday to make a final takeover offer for BAA. The BAA board rejected their offer of 900-pence-a-share last week.

Goldman Sachs, who had a previous informal offer rejected, must confirm it will make a bid by 9 June or withdraw.

Reports over the weekend suggested that the Goldman-led group was prepared to make a £10bn bid for BAA.